aversion and ambiguity aversion. A particular specification of preferences allows us to solve the portfolio selection problem …

This paper considers local and global multiple-prior representations of ambiguity for preferences that are (i …

the analysis of robustness to ambiguity of various solutions concepts, and for various decision rules under ambiguity … procedures for constructing perturbations of such belief structures in which beliefs have a degree of ambiguity. Specifically, we …

representative policymaker's utility function (as in the literature on ambiguity), a reference model (as in robust control theory) or …

need a representative policymaker’s utility function (as in the literature on ambiguity), a reference model (as in robust …

relate robust control theory to the so-called multiplier and constraint preferences that have been used to express ambiguity … aversion. Detection error probabilities can be used to discipline empirically plausible amounts of robustness. We describe …

For each of three types of ambiguity, we compute a robust Ramsey plan and an associated worst-case probability model …. Ex post, ambiguity of type I implies endogenously distorted homogeneous beliefs, while ambiguities of types II and III … distinctions among the three types of ambiguity. We use recursive formulations of Ramsey problems to impose local predictability of …