ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

ambiguity model of decision making under uncertainty developed by Klibanoff, Marinacci and Mukerji (2005).  We revisit these … thought exeperiments and find, to the contrary, that they either point to strengths of the smooth ambiguity model compared to … experiment, raise criticisms that apply equally to a broad range of current ambiguity models. …

We propose and axiomatize a new model of preferences that achieves a separation between ambiguity, identified as a … characteristic of the decision maker's subjective information, and ambiguity attitude, a characteristic of the decision maker …