investors exhibit ambiguity aversion and perceive ambiguity in assets issued in foreign locations. Increases in the variance of …' perceived ambiguity have the opposite effect, and lead to less risk-sharing. Entrepreneurs from capital-scarce countries finance … ambiguity, that is, when investors only perceive risk. New facts uncovered from cross-country firm-level data are consistent …

Expected Utility model, the Choquet Expected Utility model and the Smooth Ambiguity model. We end with a characterization of … the aggregation of ambiguity attitudes …

three divergences from subjective expected utility: imprecision of beliefs (or ambiguity), imprecision of tastes (or multi …