'ambiguity' is subjective and derived from perferences. …

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

Are foundations of models of ambiguity-sensitive preferences too flawed to be usefully applied to economic models?  Al …-Najjar and Weinstein do not apply to quite a few of the ambiguity preference models of more recent vintage, and therefore to that … extent do not undermine the foundational aspects or applicability of ambiguity models in general.  Second, we argue the focus …

We propose and axiomatize a new model of preferences that 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 …

This paper axiomatizes an intertemporal version of the Smooth Ambiguity decision model developed in Klibanoff …, Marinacci, and Mukerji (2005). A key feature of the model is that it achieves a separation between ambiguity, identified as a … characteristic of the decision maker's subjective beliefs, and ambiguity attitude, a characteristic of the decision maker's tastes …

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 …

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

ambiguity averse relation. First, we define two notions of more ambiguous with respect to such a class. A more ambiguous (I) act … makes an ambiguity averse decision maker (DM) worse off but does not affect the welfare of an ambiguity neutral DM. A more … ambiguous (II) act adversely affects a more ambiguity averse DM more, as measured by the compensation they require to switch …

smooth ambiguity aversion by not using subjective probabilities (which are not directly observable) and by not committing to … (violations of) dynamic decision principles; (d) comparative smooth ambiguity aversion by not requiring identical second … descriptive appropriateness of utility to model risk and ambiguity attitudes. …