We introduce a model of random ambiguity aversion. Choice is stochastic due to unobserved shocks to both information … and ambiguity aversion. This is modeled as a random set of beliefs in the maxmin expected utility model of Gilboa and … Schmeidler (1989). We characterize the model and show that the distribution of ambiguity aversion can be uniquely identified …

characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth …Dynamic consistency leads to Bayesian updating under expected utility. We ask what it implies for the updating of more … ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we …

equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This …

Finetti Theorem for this framework. A model of updating is also provided. …

equivalent consistency under updating characterise a family of capacities, called Genralised Neo-Additive Capacities (GNAC). This …

between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …

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 …

sufficiently high ambiguity, more than two messages are often necessary to implement the optimal decision rule of S, though only … not implement the optimal decision rule of S, which is not the case in the absence of ambiguity. Fourth, we show that the … addition of a little ambiguity may generate influential communication that is unambiguously advantageous to S. Fifth, we …

This paper develops a belief update rule under ambiguity, motivated by the maxim: in the face of new information …, Maximum Likelihood) are special cases, but avoids the problems that these rules have with updating on complete ignorance …