of beliefs (or ambiguity), imprecision of tastes (or multi-utility), and state dependence of utility. Examples include … phenomena, as well as state-dependent multi-utility generalisations of popular ambiguity models …Many decision situations involve two or more of the following divergences from subjective expected utility: imprecision …

Ambiguity refers to a decision situation under uncertainty when there is incomplete information about the likelihood of … ambiguity and ambiguity aversion. …

differences lies in the dichotomy between first-order and second-order ambiguity aversion which I define here. My definition and …-order ambiguity aversion a positive exposure to ambiguity is optimal if and only if there is a subjective belief such that the actś … expected outcome is positive. With first-order ambiguity aversion, zero exposure to ambiguity can be optimal. Examples in …

parameter in a generalized utility function. We find that ambiguity aversion varies across individuals, and with the level of … theoretical work on ambiguity builds on maxmin expected utility, our results provide evidence that MEU does not adequately capture …This paper provides a systematic analysis of individual attitudes towards ambiguity, based on laboratory experiments …

uncertainty when the firm's preferences exhibit smooth ambiguity aversion. Ambiguity is modeled by a second-order probability … distribution that captures the firm's uncertainty about which of the subjective beliefs govern the exchange rate risk. Ambiguity … preferences are modeled by the (second-order) expectation of a concave transformation of the ( first-order) expected utility of …

We examine risk taking when the bank's preferences exhibit smooth ambiguity aversion. Ambiguity is modeled by a second … return risk. Ambiguity preferences are modeled by the (second-order) expectation of a concave transformation of the (first …-order) expected utility of profit conditional on each plausible subjective distribution of the return risk. Within this framework, the …

parameter in a generalized utility function. We find that ambiguity aversion varies across individuals, and with the level of … theoretical work on ambiguity builds on maxmin expected utility, our results provide evidence that MEU does not adequately capture …This paper provides a systematic analysis of individual attitudes towards ambiguity, based on laboratory experiments …

be stable over time. In this paper, we analyze the stability of ambiguity preferences experimentally. We repeatedly … elicit ambiguity attitudes towards multiple 3-color Ellsberg urns over a period of two months. In our data, 57% of the …

The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …

We relate time-varying aggregate ambiguity (V-VSTOXX) to individual investor trading. We use the trading records of … an increase in ambiguity is associated with increased investor activity. It also leads to a reduction in risk …-taking which does not reverse over the following days. When ambiguity is high, the effect of sentiment looms larger. Survey …