Keynes (1921) and Ellsberg (1961) have articulated an aversion toward betting on an urn containing balls of two colors of unknown proportion to one with a 50-50 composition. Keynes views this as reflecting different preferences for bets arising from different sources of uncertainty. Ellsberg...

Two distinct interpretations of ambiguity attitudes have been proposed, namely, weighting the multiple priors pessimistically and exhibiting preference over different sources of uncertainty. This study examines the links among attitudes towards three sources of uncertainty including ambiguity...

In the studies of decision making under risk and time, an increasingly important question is whether the utility representations should be the same for both circumstances. This study aims to test the separation between risk preference and time preference in a controlled laboratory setting, where...

Building on the Herstein-Milnor mixture set axiomatization of expected utility theory, we employ multiple mixture operators each modeling a source of uncertainty to arrive at a definition of rich mixture sets. This enables a weakening of the reduction of compound lottery axiom leading to an...

We axiomatize subjective probabilities on finite domains without requiring richness in the outcome space or restrictions on risk preference using Event Exchangeability (Chew and Sagi, 2006), which has been implicit in the prior literature (Savage, 1954; Machina and Schmeidler, 1992; Grant, 1995). In...