specification includes two parameters: one for ambiguity attitudes and another for risk attitudes. We also estimate a three … null hypothesis of subjective expected utility for a majority of subjects. Most of the remaining subjects exhibit …

objective beliefs are first aggregated into “equivalent unambiguous beliefs” and then risk preferences are used to compute the … utility of these equivalent unambiguous beliefs. Such an approach makes it possible to disentangle uncertainty aversion …, related to the processing of information, from risk aversion, related to the evaluation of the equivalent unambiguous beliefs …