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...

In theory, the exchange rate is assumed to respond to a number of economic factors such as the inflation rate differential, interest rate differential, and a number of other factors affecting expectations about the future. In practice, models of exchange rate that include economic variables tend...