We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model … ambiguity model, we show that Ghirardato and Marinacci (2002) would identify the same set of ambiguous and unambiguous events as … more interesting source is that these two definitions can confound non-constant ambiguity attitude and the ambiguity of an …

We propose and axiomatize a new model of preferences that achieves a separation between ambiguity, identified as a … characteristic of the decision maker's subjective information, and ambiguity attitude, a characteristic of the decision maker …

This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in Klibanoff …, Marinacci, and Mukerji (2005). A key feature of the model is that it achieves a separation between ambiguity, identified as a … characteristic of the decision maker's subjective beliefs, and ambiguity attitude, a characteristic of the decision maker's tastes …

theory under ambiguity and the minimax approach of robust statistics – e.g., Blum and Rosenblatt (1967) [10] – has been …

her subjective information. A key feature of our model is that it achieves a separation between ambiguity, identified as a … characteristic of the decision maker's subjective information, and ambiguity attitude, a characteristic of the decision maker …, as usual, while attitudes towards ambiguity are characterized by the shape of the increasing transformation applied to …

We study orders of risk and model uncertainty aversion in the smooth ambiguity model proposed by Klibanoff, Marinacci …

defined by the smooth model of decision making under ambiguity of Klibanoff, Marinacci and Mukerji (2005). We study its scope … ambiguous asset: indeed, in general, it is not true that greater ambiguity reduces the optimal demand for the ambiguous asset … calibration exercises aimed at exploring the consequences of ambiguity aversion on equilibrium asset prices …