When confronted with uncertain prospects, people often exhibit both choice deferral and Ellsberg-type ambiguity …

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …

depart from the sure thing principle and model the phenomenon of ambiguity and ambiguity aversion. …

The phenomena of ambiguity and ambiguity aversion , introduced in Daniel Ellsberg’s seminal 1961 article, are … analytical descriptions of the numerous (primarily axiomatic) models of ambiguity aversion which have been developed by economic … theorists, and concludes with a discussion of some current theoretical topics and newer examples of ambiguity aversion. …