We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the … null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …

We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the … null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …

We review some of the (theoretical) economic implications of David Schmeidler's models of decision under uncertainty … (Choquet expected utility and maxmin expected utility) in competitive market settings. We start with the portfolio inertia …