We review some of the (theoretical) economic implications of David Schmeidler's models of decision under uncertainty …

The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that … labora-tory experiments designed to test independence, our experiment systematically tests the entire set of axioms …

making under uncertainty. In the current paper, we explore (1) the relationship between the symmetry assumption of Klibanoff …

data with a broad class of models of choice under risk and under uncertainty. Our method allows for risk loving and elation …

The results of an experiment extending Ellsberg's setup demonstrate that attitudes towards ambiguity and compound … uncertainty are closely related. However, this association is much stronger when the second layer of uncertainty is subjective … probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting …

We experimentally explore decision-making under uncertainty using a framework that decomposes uncertainty into three … distinct layers: (1) physical uncertainty, entailing inherent randomness within a given probability model, (2) model … uncertainty, entailing subjective uncertainty about the probability model to be used and (3) model misspecification, entailing …