many well-known models of preferences from the literature on ambiguity. We show what properties of the dispersion function …

We study the impacts of risk and ambiguity aversion on the adoption of new technologies, specifically genetically … modified (GM) corn and soy seeds. We conduct experiments measuring risk and ambiguity aversion with Midwestern grain farmers …. Risk aversion has only a small impact on the timing of adoption of GM soy, while ambiguity-aversion has a large impact …

. In health economics, ambiguity is usually handled through sensitivity analysis, which implicitly assumes that people are … neutral towards ambiguity. However, empirical evidence suggests that people are averse to ambiguity and react strongly to it …. This paper studies the effects of ambiguity aversion on two classical medical decision problems. If there is ambiguity …

recent research on ambiguity aversion. …

This paper studies portfolio allocation in the international financial market when investors exhibit ambiguity aversion … hand, increases in investor ambiguity lead to less risk-sharing. Entrepreneurs located in countries with low levels of … volatility per unit of consumption as they finance themselves relatively more through debt than equity. An increase in ambiguity …

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

investor with smooth ambiguity averse preferences [Klibano¤, Marinacci and Mukerji, Econometrica (2005)] and provides a … comparative analysis of risk aversion and ambiguity aversion. The perception of ambiguity is described by a hidden Markovian … consumption growth process. The hidden states di¤er both for the mean and the volatility. We show that the ambiguity …

associated outcomes, and allows for nonadditive probabilities.Typical features of rank-dependence, hedging, ambiguity aversion …

utility of these equivalent unambiguous beliefs. Such an approach makes it possible to disentangle ambiguity aversion, related …