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 …

models featuring smooth ambiguity preferences. We rely on semi-nonparametric estimation of a flexible auxiliary model in our … pricing models with smooth ambiguity. Statistical model comparison shows that models with ambiguity, learning and time …

This paper provides a systematic analysis of individual attitudes towards ambiguity, based on laboratory experiments …. The design of the analysis allows to capture individual behavior across various levels of ambiguity, ranging from low to … high. Attitudes towards risk and attitudes towards ambiguity are disentangled, providing pure measures of ambiguity …