The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …

We study the effect of ambiguity on timing decisions. An agent faces a stopping problem with an uncertain stopping …

’s degree of ambiguity and degree of pessimism are each parameterized, we present a rather general theory of religious choice in … ambiguity. Using comparative static analysis, we are able to show how changes in either the degree of ambiguity or the degree of …

When ambiguity averse investors process news of uncertain quality, they act as if they take a worst-case assessment of … returns, increase price volatility and induce ambiguity premia that depend on idiosyncratic risk in fundamentals. Moreover …

This paper considers learning when the distinction between risk and ambiguity (Knightian uncertainty) matters. Working … that cannot be captured by noisy signals. They induce nonmonotonic changes in agent confidence and prevent ambiguity from … participation costs that depend on past market performance. Hedging of ambiguity provides a new reason why the investment horizon …

When ambiguity averse investors process news of uncertain quality, they act as if they take a worst-case assessment of … induce ambiguity premia that depend on idiosyncratic risk in fundamentals. Moreover, shocks to information quality can have …

extremes: total ambiguity and no ambiguity. For total ambiguity, we show there is “designer religion,” which is a religion that … will capture all decision makers applying any one of the standard decision criteria. For no ambiguity, we characterize when …

This paper analyzes a model of decision under ambiguity, deemed vector expected utility or VEU. According to the …, and (2) an ambiguity-adjustment term. The adjustment term may be interpreted as reflecting the variability of the act f … location and sign changes. A behavioral characterization of the VEU model is provided. Furthermore, an updating rule for VEU …