there is a distinction between ambiguity and risk. The latter distinction is afforded by adoption of recursive multiple … arrives over time? (ii) What are the effects of ambiguity and incomplete information on behavior? This paper shows that it is … the resulting estimates. Finally, the paper shows that a hedging demand arises that is affected by both ambiguity and …

nominal shocks. The setting of analysis is a general equilibrium model with both ambiguity and rational expectations …. Ambiguity and macroeconomics are linked exploiting a micro-founded framework. Ambiguity concerns the lack of knowledge of firms … consumers in the economy. Ambiguity is represented through a multiple priors approach. It is shown that price stickiness can …

there is a distinction between ambiguity and risk. The latter distinction is afforded by adoption of recursive multiple … arrives over time? (ii) What are the effects of ambiguity and incomplete information on behavior? This paper shows that it is … the resulting estimates. Finally, the paper shows that a hedging demand arises that is affected by both ambiguity and …