We introduce a model of random ambiguity aversion. Choice is stochastic due to unobserved shocks to both information … and ambiguity aversion. This is modeled as a random set of beliefs in the maxmin expected utility model of Gilboa and … Schmeidler (1989). We characterize the model and show that the distribution of ambiguity aversion can be uniquely identified …

equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This …

equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This …

I experimentally examine whether feedback about others' choices provides an anchor for decision-making under ambiguity … relative ambiguity attitude (compared to the peer's) significantly matters for shifts in individual attitudes, and that … dynamics considerably differ between gain and loss domains. For gains, learning to be comparably ambiguity averse increases the …

decisions on risk assessment and risk management under conditions of ambiguity, i.e. where probabilities cannot be assigned to … underpins conventional cost-benet analysis (CBA). The other requires that an ambiguity-averse decision-rule - of which maxmin …

Observed individual behavior in the presence of ambiguity is characterized by insufficient responsiveness to changes in … subjective likelihoods. Such likelihood insensitivity under ambiguity is integral to theoretical models and predictive of … and determining factors. This paper investigates the role of beliefs in the form of ambiguity perception - the extent to …

sufficiently high ambiguity, more than two messages are often necessary to implement the optimal decision rule of S, though only … not implement the optimal decision rule of S, which is not the case in the absence of ambiguity. Fourth, we show that the … addition of a little ambiguity may generate influential communication that is unambiguously advantageous to S. Fifth, we …

The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …

Decisions under ambiguity depend on the beliefs regarding possible scenarios and the attitude towards ambiguity. This … studies. We use laboratory experiments to estimate the subjective belief formation and belief updating process in an ambiguous … be rejected. The recovered belief updating rules reveal that the Bayesian updating hypothesis can be rejected for 84% of …