This paper analyzes preferences in the presence of ambiguity that are rational in the sense of satisfying the classical … Ellsberg (1961). We then discuss ambiguity attitudes, as well as unambiguous acts and events, for the class of rational …

We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model … ambiguity model, we show that Ghirardato and Marinacci (2002) would identify the same set of ambiguous and unambiguous events as … more interesting source is that these two definitions can confound non-constant ambiguity attitude and the ambiguity of an …

This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in Klibanoff …, Marinacci, and Mukerji (2005). A key feature of the model is that it achieves a separation between ambiguity, identified as a … characteristic of the decision maker's subjective beliefs, and ambiguity attitude, a characteristic of the decision maker's tastes …

We study the updating of beliefs under ambiguity for invariant biseparable preferences. In particular, we show that a …