specification includes two parameters: one for ambiguity attitudes and another for risk attitudes. We also estimate a three …We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the … of ambiguity aversion, one kinked and one smooth, that encompass many of the theoretical models in the literature. Each …

(Choquet expected utility and maxmin expected utility) in competitive market settings. We start with the portfolio inertia …