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 …

Although much of the theoretical literature on ambiguity works under the assumption of uncertainty aversion …

We propose a class of multiple-prior representations of preferences under ambiguity where the belief the decision … Optimism. The model does not restrict the sign of the DM's ambiguity attitude, and we show that it provides a unified framework … through which to characterize different degrees of ambiguity aversion, as well as to represent context-dependent negative and …