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 … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

with respect to the latter can be unambiguously irrational. -- Risk ; Ambiguity ; Robust Control ; Precautionary Principle …

potential of new technologies. In this paper we propose a simple decision-theoretic framework that takes into account ambiguity … ambiguity. Our model is intuitive, captures decision makers' ambiguity attitudes, and enables simple sensitivity analysis across … levels of ambiguity. We apply our framework to original data from a recent expert elicitation survey on solar technology. The …