Many theories of updating under ambiguity assume either dynamic consistency or consequentialism to underpin … consequentialism than with dynamic consistency and that this result is even stronger among ambiguity averse subjects. …

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 …

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 …

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 …

This paper analyzes dynamic choice for ambiguity-sensitive decision makers. It demonstrates that unambiguous behavioral … decision models and updating rules, and delivers unambiguous welfare comparisons. As an example, a characterization of prior …-by-prior Bayesian updating and Consistent Planning for arbitrary maxmin-expected utility preferences is presented. The resulting …

updating rules are quite heterogeneous. For most subjects, we can reject the objective equality hypothesis that beliefs are … pessimism/optimism in beliefs. The Bayesian updating hypothesis can be rejected; Most subjects under-adjust beliefs in response …

regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude towards ambiguity …. While previous literature looks at the total price discount under ambiguity, this paper investigates with laboratory … belief effects, the risk premiums, and the ambiguity premiums from each other. Both methods lead to similar results: Overall …