probability. Our starting point is an abstract class of preferences constructed to be (strictly) partially ordered by a more … ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more …

This study attempts to identify uncertainty in the long-term rate of interest based on the controversial interest rate … macroeconomic variables without interest uncertainty are thus seriously incomplete. …

virtually any well-specified model of choice under uncertainty. We demonstrate our procedures with an experiment in which we …

probability. With some notable exceptions, the empirical literature seems intent on either making those strong assumptions or … structural maximum likelihood methods. This allows the observer to make inferences about the latent subjective probability …, calibrating for virtually any well-specified model of choice under uncertainty. We demonstrate our procedures with experiments in …

The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …

making under uncertainty. In the current paper, we explore (1) the relationship between the symmetry assumption of Klibanoff … between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference …