standard risk and ambiguity. Ambiguity arises when the causal link between conduct and harm is not univocal, as is frequently … the case with toxic torts. Risk aversion and ambiguity aversion tend to have a similar impact on optimal liability rules … liability dominates negligence when the injurer has lower degrees of risk and ambiguity aversion than the victim and can …

, we discuss the absence of arbitrage, its relation to economic viability, and the existence of suitable nonlinear pricing … expectations. Classical financial markets under risk and no ambiguity are contained as special cases, including various forms of …

, we discuss the absence of arbitrage, its relation to economic viability, and the existence of suitable nonlinear pricing … expectations. Classical financial markets under risk and no ambiguity are contained as special cases, including various forms of …