sufficiently high ambiguity, more than two messages are often necessary to implement the optimal decision rule of S, though only … not implement the optimal decision rule of S, which is not the case in the absence of ambiguity. Fourth, we show that the … addition of a little ambiguity may generate influential communication that is unambiguously advantageous to S. Fifth, we …

regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude towards ambiguity …. While previous literature looks at the total price discount under ambiguity, this paper investigates with laboratory … belief effects, the risk premiums, and the ambiguity premiums from each other. Both methods lead to similar results: Overall …

of behavior under risk ; then we look at dynamic theories under risk; and finally look at decision making under ambiguity …

In this paper we consider the effect of ambiguity on the private provision of public goods. Equilibrium is shown to …

We present a non-technical account of ambiguity in strategic games and show how it may be applied to economics and … social sciences. Optimistic and pessimistic responses to ambiguity are formally modelled. We show that pessimism has the … ambiguity on peace-making are examined. It is shown that ambiguity may select equilibria in coordination games with multiple …

Ambiguity refers to a decision situation under uncertainty when there is incomplete information about the likelihood of … ambiguity and ambiguity aversion. …

We examine risk taking when the bank's preferences exhibit smooth ambiguity aversion. Ambiguity is modeled by a second … return risk. Ambiguity preferences are modeled by the (second-order) expectation of a concave transformation of the (first … banking firm finds it less attractive to take risk in the presence than in the absence of ambiguity. This result extends to …

investigate how informational ambiguity in conjunction with waves of optimism and pessimism affect investor behavior, social … learning and price dynamics. Without ambiguity, neither herding nor contrarianism is possible. If there is ambiguity and agents … have invariant ambiguity preferences, only contrarianism is possible. If on the other hand ambiguity is high and traders …

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 …