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 …

ambiguity and ambiguity attitude. These preferences are dynamically inconsistent for nontrivial versions of α. In this paper, we …

between the set of relevant measures, shown by KMS [21] to reflect only perceived ambiguity, and the set of measures (which we … perceived ambiguity. Regarding symmetry assumptions, we show that, under relatively mild conditions, a variety of preference … stringent. Only when it is satisfied may the Bewley set be interpreted as reflecting only perceived ambiguity and not also taste …

Decisions under ambiguity depend on the beliefs regarding possible scenarios and the attitude towards ambiguity. This …

The α-MEU model and the smooth ambiguity model are two popular models in decision making under ambiguity. However, the …