, which leads to a recursive structure for utility, to 'rectangular' sets of priors and to prior-by-prior Bayesian updating as … the updating rule for such sets of priors. It is argued that dynamic consitency is intuitive in a wide range of situations … and that the model is consistent with a rich set of possibilities for dynamic behavior under ambiguity. …

Observed individual behavior in the presence of ambiguity is characterized by insufficient responsiveness to changes in … subjective likelihoods. Such likelihood insensitivity under ambiguity is integral to theoretical models and predictive of … and determining factors. This paper investigates the role of beliefs in the form of ambiguity perception - the extent to …

Observed individual behavior in the presence of ambiguity is characterized by insufficient responsiveness to changes in … subjective likelihoods. Such likelihood insensitivity under ambiguity is integral to theoretical models and predictive of … and determining factors. This paper investigates the role of beliefs in the form of ambiguity perception - the extent to …

compositions are identical. We identify choices that reveal an aversion to ambiguity about the relation between urns, thus … identifying a source of uncertainty different from the usual Knightian distinction between risk and ambiguity. Behavior is studied …

maker future beliefs. Several updating rules have been proposed in the literature. We derive them from a general approach … based on conditional Choquet expectations. Conversely, depending on the updating rule adopted, the conditional Choquet …

between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …