take a non-Bayesian approach to uncertainty, where "ambiguity" is taken into account. We consider some specific argument of … central bank transparency harmful. We show that when ambiguity is large enough, these results do not hold anymore: political … uncertainty; Knightian uncertainty; ambiguity; non-Bayesian approach …

Real options models characterized by the presence of ambiguity have been recently proposed. But based on recursive … multiple-priors approaches to solve ambiguity, these seminal models reduce individual preferences to extreme pessimism by … dynamics of ambiguous expected cash flows, we show that a much broader spectrum of attitudes towards ambiguity may be accounted …

aversion to ambiguity. We show that the result found in the literature under the bayesian approach does not hold when the …

-maker's attitude to risk and provide comparative static results. We also assume ambiguity about the probability distribution of the … ambiguity. We show that this value increases with greater ambiguity, with greater ambiguity aversion, and in some cases with … greater risk aversion. Finally we examine whether a more risk-averse and a more ambiguity-averse individual will invest in …

of ambiguity, there exists an equilibrium with inertia where agents also insure fully against Knightian uncertainty. When … the level of ambiguity exceeds a critical threshold, full insurance no longer prevails and there exist equilibria with …

We review recent advances in the field of decision making under uncertainty or ambiguity. …