The widely observed preference for lotteries involving precise rather than vague or ambiguous probabilities is called ambiguity aversion. Ambiguity aversion cannot be predicted or explained by conventional expected utility models. For the subjectivity weighted linear utility (SWLU) model, we...

Ambiguity aversion has been widely observed in individuals' judgments. Using scenarios that are typical in decision analysis, we investigate ambiguity aversion for pairs of individuals. We examine risky and cautious shifts from individuals' original judgments to their judgments when they are...