can be averse to partial information as a consequence of ambiguity aversion. It introduces a class of recursive … depart from the standard expected-utility theory. A new notion of ambiguity aversion, called Event Complementarity, exactly … characterizes aversion to partial information. Familiar static ambiguity-averse preferences are embedded into the general recursive …

(Knightian uncertainty) and a roulette (objective risk). The class of scale-invariant (SI) ambiguity-averse preferences, in a … associated with SI ambiguity-averse preferences in terms of suitable weak independence axioms in place of scale invariance. …

Two of the most well known regularities observed in preferences under risk and uncertainty are ambiguity aversion and …, together with other standard ones, is equivalent to a representation in which the agent (i) evaluates ambiguity using multiple …

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 …

axiomatised preferences in the presence of ambiguity as Monotonic Bernoullian Archimedean (MBA) preferences. We investigate the …

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

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 …

Although much of the theoretical literature on ambiguity works under the assumption of uncertainty aversion …