The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …

We propose the Virtual Bingo Blower (VBB) as a way to generate credible risk and ambiguity in computerized experiments …, we measure ambiguity attitudes and vary the source of ambiguity, using either the VBB or natural events. We find that the … VBB and natural events result in a similar degree of ambiguity aversion. Further, we find that, by manipulating the number …