(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. …

experimental approach, we analyze the impact of risk, imprecision in probabilities (ambiguity), imprecision in outcomes, and a …

in characterizing ambiguity attitudes. In addition to providing new insights into the underlying processes behind … ambiguity aversion - failure to reduce compound probabilities or distinct attitudes towards unknown probabilities - our study …

This paper assessed the quantitative impact of ambiguity on historically observed financial asset returns and growth … dividends next period as ambiguous. We calibrate the agent's ambiguity aversion to match only the first moment of the risk … growth outcomes. Ambiguity aversion accentuates the conditional uncertainty endogenously in a dynamic way, depending on the …

ambiguity. In each round of a finite rep- etition of a finite stage-game, in addition to the classic pure and mixed actions … their intentions. We find that adding an infinitesimal level of ambiguity can be enough to approximate collusive payoffs via …

This paper offers an ambiguity-based interpretation of variance premium - the difference between risk-neutral and … mean variance premium can be attributed to ambiguity aversion. Applying the model to historical consumption data, we find …

complement predictions from recent theoretical work in showing that negative value of information correlates with ambiguity …

construct a dynamic Bayesian occupational choice model with sequential decisions under ambiguity due to imperfect information …

This paper proposes a decision-theoretic framework for experiment design. We model experimenters as ambiguity …