proposed a very general axiomatisation of preferences in the presence of ambiguity, viz. Monotonic Bernoullian Archimedean (MBA …

Recent theoretical developments in economics distinguish between risk and ambiguity (Knightian uncertainty). Using … state-of-the-art methods with intraday stock market data from February 1993 to February 2021, we derive financial ambiguity … ambiguity carries important information about future oil returns and volatility perceived by investors. We validate these …

inapplicable to ambiguity aversion. Third, when unobserved probability distributions are constrained by partially revealed …

This paper focuses on decisions under ambiguity. Participants in a laboratory experiment made decisions in three … three. We show that groups are more likely to make ambiguity-neutral decisions than individuals, and that individuals make … more ambiguity-neutral decisions after discussing the decisions with others. This shift toward higher ambiguity neutrality …

only possible if all discounted net trades of the equilibrium allocation are mean ambiguity-free. …

-Debreu equilibria only if the values of net trades are ambiguity-free in the mean. Without aggregate uncertainty, inefficiencies arise …