ambiguous decision tasks, where a subject faces two-stage lotteries with binomial, uniform or unknown second-order probabilities …

aversion. This paper obtains a joint representation for these behavioral phenomena. The decision maker as portrayed by my model …. This set is interpreted as a collection of the decision maker's possible future beliefs. When choices cannot be deferred …, the decision maker evaluates every uncertain prospect via an epsilon-mixture of the least favorable element in the set …

aversion. This highlights the importance of counseling for decision-making under uncertainty. …

This paper analyzes sophisticated dynamic choice for ambiguity-sensitive decision makers. It characterizes Consistent … Planning via axioms on preferences over decision trees. Furthermore, it shows how to elicit conditional preferences from prior … decision models and updating rules. Hence, the results indicate that (i) ambiguity attitudes, (ii) updating rules, and (iii …