This paper studies the effect of learning new information on decision under uncertainty.Using ambiguity models, we show … the effect of learning on beliefs and ambiguity attitudes. We develop a new method to correct beliefs for ambiguity … attitudes and decompose ambiguity attitudes into pessimism (capturing ambiguity aversion) and likelihood insensitivity. We apply …

Many theories of updating under ambiguity assume either dynamic consistency or consequentialism to underpin … consequentialism than with dynamic consistency and that this result is even stronger among ambiguity averse subjects. …

Many theories of updating under ambiguity assume either dynamic consistency or consequentialism to underpin … consequentialism than with dynamic consistency and that this result is even stronger among ambiguity averse subjects. …

This paper analyzes a model of decision under ambiguity, deemed vector expected utility or VEU. According to the …, and (2) an ambiguity-adjustment term. The adjustment term may be interpreted as reflecting the variability of the act f … location and sign changes. A behavioral characterization of the VEU model is provided. Furthermore, an updating rule for VEU …

a single concept of relevance delivers this for a wide range of models, including models that allow for ambiguity … attitude.  We also use symmetry and relevance to provide insight into the foundations of the α-MEU and smooth ambiguity models …

(SEU) in terms of knowledge and belief. It is shown that observable behavior displays sensitivity to ambiguity if and only … if knowledge and belief disagree. In addition, such an epistemic interpretation of ambiguity leads to dynamically …

relevant measures as reflecting part of perceived ambiguity, meaning subjective uncertainty about probabilities over states …. Under mild conditions, we show that increases or decreases in ambiguity aversion cannot affect the relevant measures. This … property, necessary for the conclusion that these measures reflect only perceived ambiguity, distinguishes the set of relevant …

This paper investigates how the general public behaves when confronted with low probability events and ambiguity in an … insurance markets. When it comes to willingness to pay, people exhibit ambiguity seeking behaviors. They are willing to pay more … under risk than under ambiguity (embracing here imprecision and conflict), revealing that people consider ambiguous …