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 …

separation among intertemporal substitution, risk aversion, and ambiguity aversion. We axiomatize this model using two approaches … Seo (2009). We characterize risk attitude and ambiguity attitude within these two approaches. We then discuss our model …In this paper, we establish an axiomatically founded generalized recursive smooth ambiguity model that allows for a …

. The existence of equilibrium is approached by a generalized excess utility fixed point argument. Such Arrow … agents in the economy are heterogeneous in their preference for uncertainty. Each utility functional is a variational type …

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 …

or states. We characterize conditions that ensure existence of Sequential Equilibria under ambiguous incomplete … to dynamically consistent behavior. Furthermore, we give an example which shows that ambiguity can introduce new …