than when it is objective. Provided that the compound probabilities are simple enough, we find that most subjects …, consisting of both students and policy makers, (1) reduce compound objective probabilities, (2) do not reduce compound subjective … probabilities, and (3) are ambiguity non-neutral. By decomposing ambiguity into risk and model uncertainty, and jointly eliciting …

estimation of actual probabilities and emission probabilities by calculating its log likelihood factor which gives the high …