We report an experiment where each subject's ambiguity sensitivity is measured by an ambiguity premium, a concept … analogous to and comparable with a risk premium. In our design, some tasks feature known objective risks and others uncertainty … ambiguity premia; and that, on average, ambiguity sensitivity is about as strong as risk sensitivity. …

We report an experiment where each subject's ambiguity sensitivity is measured by an ambiguity premium, a concept … analogous to and comparable with a risk premium. In our design, some tasks feature known objective risks and others uncertainty … ambiguity premia; and that, on average, ambiguity sensitivity is about as strong as risk sensitivity. …

to an ambiguity averse preference for a randomized act. Building on this insight, we implement an experiment whose design … provides a qualitative test that discriminates between the two classes of models. Among subjects identified as ambiguity …

labora-tory experiments designed to test independence, our experiment systematically tests the entire set of axioms …The Allais critique of expected utility theory (EUT) has led to the development of theories of choice under risk that …

dividends next period as ambiguous. We calibrate the agent's ambiguity aversion to match only the first moment of the risk …