information structures; complete separations of attitudes toward risk and ambiguity; and new classes of preferences that allow … decreasing relative ambiguity aversion and thereby rationalize recent challenges to many of the extant multiple prior models of … ambiguity aversion. We also characterize a property of sets of priors, descriptive completeness, that resolves several open …

proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA …

others behave ambiguity averse in the sense of Knight (1921). If ambiguity averse agents meet overly optimistic subjective …

only possible if all discounted net trades of the equilibrium allocation are mean ambiguity-free. …

from the perspective of an ambiguity averse buyer in a discrete time model of Cox–Ross–Rubinstein style. The multiple prior … maker needs to solve a stopping problem. Unlike the classical approach ambiguity averse decision maker uses a class of …