behaved consistent with subjective expected utility with Bayesian updating. The majority of ambiguity averse subjects violated …Accounting for ambiguity aversion in dynamic decisions generally implies that either dynamic consistency or … received a signal. We found that most ambiguity neutral subjects satisfied both dynamic consistency and consequentialism and …

We propose and axiomatically characterize dynamically consistent update rules for decision making under ambiguity … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg …

Choquet expected utility preferences. A decision maker is faced with an information structure represented by a filtration. We …

According to G. Becker, the expected utility model (EUM) is the most powerful social sciences can use. The main reason …

Dynamic consistency leads to Bayesian updating under expected utility. We ask what it implies for the updating of more … ambiguity aversion. This characterization extends to regret-based models as well. As an application of our general result, we … characterize dynamically consistent updating for two important models of ambiguity averse preferences: the ambiguity averse smooth …

Choquet expected utility preferences. A decision maker is faced with an information structure represented by a filtration. We …

theory: dynamic consistency and consequentialism. Dynamic consistency requires that ex ante contingent choices are respected …

We propose and axiomatically characterize dynamically consistent update rules for decision making under ambiguity … of preferences over acts, to be able to reconcile typical behavior in the face of ambiguity (as exemplified by Ellsberg …