all symmetric equilibria of these voting games. Second, we show that ambiguity may drastically undermine McLennan's (1998 …) results on decision quality: unlike in the absence of ambiguity, the ex ante optimal symmetric strategy profile need not be an …

making under ambiguity …

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 …

control theory to the so-called multiplier and constraint preferences that have been used to express ambiguity aversion …

(KMM) interpret ambiguity aversion as aversion against second-order risks associated with ambiguous acts. We design an … experiments. It appears that the ambiguity premium is partially paid to avoid the ambiguity issue per se, which is distinct from … notions of second- order risk. This finding is robust even when there is only partial ambiguity, and is applicable to all …

depart from the sure thing principle and model the phenomenon of ambiguity and ambiguity aversion. …