proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA …

with a probability distribution. Consequently, they do not allow for Knightian uncertainty, or ambiguity, with respect to … accident risk and cannot accommodate optimism (ambiguity loving) or pessimism (ambiguity aversion). This paper presents a … unilateral accident model under ambiguity. To incorporate ambiguity, I adopt the Choquet expected utility framework and represent …

their beliefs. We study these "imprecise probabilities", also known as ambiguous beliefs. We show that imprecision is … measurable separately from the levels of risk beliefs. People with higher levels of imprecision update their beliefs more in … response to a randomized information treatment, and new information also causes changes in imprecision levels. We show that we …