Expected utility theory (EUT) is currently the standard framework which formally defines rational decision-making under …

This paper focuses on information acquisition and individual decision making in ambiguous situations and presents a …, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that … an ambiguity averse subject should reduce ambiguity within a decision process we predicted that these subjects would …

In this paper, I examine the decision-theoretic status of risk attitudes. I start by providing evidence showing that … the risk attitude concepts do not play a major role in the axiomatic analysis of the classic models of decision …

This paper focuses on information acquisition and individual decision making in ambiguous situations and presents a …, subjects can reduce or even eliminate the ambiguity and turn the decision situation into one of risk. Under the assumption that … an ambiguity averse subject should reduce ambiguity within a decision process we predicted that these subjects would …