illustrated by the Ellsberg Paradox, this feature rules out a priori any concern with ambiguity. This paper formulates a … continuous-time intertemporal version of multiple-priors utility, where aversion to ambiguity is admissible. When applied to a … premium for risk and a seperate premium for ambiguity. …

Real options models characterized by the presence of ambiguity have been recently proposed. But based on recursive … multiple-priors approaches to solve ambiguity, these seminal models reduce individual preferences to extreme pessimism by … dynamics of ambiguous expected cash flows, we show that a much broader spectrum of attitudes towards ambiguity may be accounted …

take a non-Bayesian approach to uncertainty, where "ambiguity" is taken into account. We consider some specific argument of … central bank transparency harmful. We show that when ambiguity is large enough, these results do not hold anymore: political … uncertainty; Knightian uncertainty; ambiguity; non-Bayesian approach …