her subjective information. A key feature of our model is that it achieves a separation between ambiguity, identified as a … characteristic of the decision maker`s subjective information, and ambiguity attitude, a characteristic of the decision maker …, as usual, while attitudes towards ambiguity are characterized by the shape of the increasing transformation applied to …

We review recent advances in the field of decision making under uncertainty or ambiguity. …

We examine a variety of preference-based definitions of ambiguous events in the context of the smooth ambiguity model … ambiguity model, we show that Ghirardato and Marinacci (2002) would identify the same set of ambiguous and unambiguous events as … more interesting source is that these two definitions can confound non-constant ambiguity attitude and the ambiguity of an …

, 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 … request more information. Moreover, we investigate whether the relation between attitudes towards risk and ambiguity is linked …

unknown probabilities, i.e., they are ambiguity averse. In an experiment, we examine subjects’ choices when there is an … additional source of ambiguity, namely, when they do not know how much money they can win. Using a standard independence … assumption, we show that ambiguity averse subjects should continue to strictly prefer the urn with known probabilities. In …

experimental approach, we analyze the impact of risk, imprecision in probabilities (ambiguity), imprecision in outcomes, and a …

unknown probabilities, i.e., they are ambiguity averse. In an experiment, we examine subjects’ choices when there is an … additional source of ambiguity, namely, when they do not know how much money they can win. Using a standard independence … assumption, we show that ambiguity averse subjects should continue to strictly prefer the urn with known probabilities. In …

due to the presence of ambiguity onits second period wealth. This extra precautionary saving motive is naturallyassociated … to the notion of ambiguity prudence. …

In this paper I use the smooth ambiguity model developed by Klibanoff, Marinacci, and Mukerji (2005) to define the … concepts of ambiguity and uncertainty premia in a way analogous to what Pratt (1964) did in the risk theory literature. I show … that those concepts may be useful to quantify the effect ambiguity has on the welfare of economic agents. I also provide …

, 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 … request more information. Moreover, we investigate whether the relation between attitudes towards risk and ambiguity is linked …