-order) stochastic dominance, reduction of compound lotteries, risk attitudes, and ambiguity attitudes. Cognitive load is manipulated via …. However, cognitive load has no impact on monotonicity and ambiguity attitudes. Under a dual-process view of human decision …-making, our findings suggest that ambiguity attitudes and preferences for “more certain money” are intuitive, not reasoned. …

context of ambiguity. These effects are also highly gender-specific with only males being susceptible. To probe the emotional … emotions and risk taking. …

notions of second- order risk. This finding is robust even when there is only partial ambiguity, and is applicable to all … (KMM) interpret ambiguity aversion as aversion against second-order risks associated with ambiguous acts. We design an … utility all predict unequivocally that risk-averse decision makers (DMs) will avoid the 50 - 50 urn that exhibits the highest …

coefficient of relative risk aversion (CRRA) that is commensurate with a 100% investment in the risky asset is simulated. The … following parameters are varied: the riskless return, the market standard deviation, the market stock premium, and the skewness …

, defined as the composition of the investor's attitudes for risk and her attitudes for ambiguity. Bulls and bears are defined …

Under risk, Arrow-Debreu equilibria can be implemented as Radner equilibria by continuous trading of few long … only possible if all discounted net trades of the equilibrium allocation are mean ambiguity-free. …

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

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

models featuring smooth ambiguity preferences. We rely on semi-nonparametric estimation of a flexible auxiliary model in our … pricing models with smooth ambiguity. Statistical model comparison shows that models with ambiguity, learning and time …-varying volatility are preferred to the long-run risk model. We analyze asset pricing implications of the estimated models …