We use a non-Bayesian approach to uncertainty, where “ambiguity” is taken into account, in order to analyze the issue … reconsider a specific argument against transparency found in the literature. We show that, in the presence of ambiguity, the …

aversion to ambiguity. We show that the result found in the literature under the bayesian approach does not hold when the …

We consider individual's portfolio selection problems. Introducing the concept of ambiguity, we show the existence of … are represented by the Choquet integral with respect to the inner measure. Under the concept of ambiguity, it is … probabilities. Furthermore, we study the difference between ambiguity and uncertainty by considering investors' behavior. …

proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA …

-Debreu equilibria only if the values of net trades are ambiguity-free in the mean. Without aggregate uncertainty, inefficiencies arise …