We report a portfolio‐choice experiment that enables us to estimate parametric models of ambiguity aversion at the level of the individual subject. The assets are Arrow securities that correspond to three states of nature, where one state is risky with known probability and two states are...

Should two issues be decided jointly by a single committee or in separately by different committees? Similarly, should two defendants be tried together in a joint trial or tried separately in severed trials? Multiplicity of issues or defendants introduces novel strategic considerations. As in...

Many decisions involve both imprecise probabilities and intractable states of the world. Objective expected utility assumes unambiguous probabilities; subjective expected utility assumes a completely specified state space. This paper analyses a third domain of preference: sets of consequential...

Many decisions involve both imprecise probabilities and intractable states of the world. Objective expected utility assumes unambiguous probabilities; subjective expected utility assumes a completely specified state space. This paper analyses a third domain of preference: sets of consequential...

Should two issues be decided jointly by a single committee or in separately by different committees? Similarly, should two defendants be tried together in a joint trial or tried separately in severed trials? Multiplicity of issues or defendants introduces novel strategic considerations. As in...