utility under a nonlinear expectation, and show monotonicity and continuity of utility. Risk aversion is characterized, and …

choice between risky and ambiguous Ellsberg urns, we let them choose between a safe option and a risky lottery, whose risk is …, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that … request more information. Moreover, we investigate whether the relation between attitudes towards risk and ambiguity is linked …

specification includes two parameters: one for ambiguity attitudes and another for risk attitudes. We also estimate a three …