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 …

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 …

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 …

(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. …

We propose and axiomatically characterize a representation of ambiguity sensitive preferences. The distinguishing … maker exhibits a consistent tradeoff between risk and ambiguity concerns. Under our representation of her preferences, any … ambiguity. …

uncertainty when the firm's preferences exhibit smooth ambiguity aversion. Ambiguity is modeled by a second-order probability … distribution that captures the firm's uncertainty about which of the subjective beliefs govern the exchange rate risk. Ambiguity … ambiguity has no impact on the firm's propensity to export to a foreign country. Ambiguity and ambiguity aversion, however, are …