Kast, Robert; Lapied, André; Roubaud, David - In: Economic Modelling 38 (2014) C, pp. 495-503
Ambiguity is pervasive in many environments and is increasingly being introduced into economic and financial models. This paper characterises ambiguity in the form of newly defined Choquet random walks: discrete-time binomial trees with capacities instead of exact probabilities on their...