The de Finetti Theorem is a cornerstone of the Bayesian approach. Bernardo (1996) writes that its "message is very … sample from some model, and there exists a prior distribution on the parameter of such model, hence requiring a Bayesian … Finetti Theorem for this framework. A model of updating is also provided. …

This paper studies how updating affects ambiguity-attitude. In particular we focus on the generalized Bayesian update … be the same before and after updating. A necessary and sufficient condition for ambiguity-attitude to be unchanged when … whether ambiguity increases or decreases after updating. …

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 …

be rejected. The recovered belief updating rules reveal that the Bayesian updating hypothesis can be rejected for 84% of …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 …

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

. Bayesian learning implies that beliefs about the likelihood of rare disasters drop to a much more pessimistic level once a … between rational and adaptive Bayesian learning. Rational learners account for the possibility of future changes in beliefs in …, Bayesian learning, controlled diffusions and jump processes, learning about jumps, adaptive learning, rational learning. …

comparing the performance of the agent described in Barberis et al. (1998) with the one of a pure Bayesian competitor. …

updates prior by prior. We show that the consideration of ambiguity gives rise to rich dynamics: compared to the Bayesian DM …This paper studies sequential information acquisition by an ambiguity-averse decision maker (DM), who decides how long …