probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting … uncertainty are closely related. However, this association is much stronger when the second layer of uncertainty is subjective … the attitudes individuals manifest towards these two types of uncertainty, we characterize individuals' degree of …

Anscombe and Aumann (1963) offer a definition of subjective probability in terms of comparisons with objective … probabilities. That definition - which has provided the basis for much of the succeeding work on subjective probability - presumes … that the subjective probability of an event is independent of the prize consequences of that event, a property we term …