ambiguity already predict behavioral phenomena ascribed to status quo bias. In particular, an ambiguity averse individual keeps … that ambiguity averse individuals may prefer their ambiguous status quo to an unambiguous alternative. We provide …

This paper analyzes preferences in the presence of ambiguity that are rational in the sense of satisfying the classical … Ellsberg (1961). We then discuss ambiguity attitudes, as well as unambiguous acts and events, for the class of rational …

This paper considers local and global multiple-prior representations of ambiguity for preferences that are (i …

several recent decision models: multiplier preferences, the smooth ambiguity model, the vector expected utility model, as well …

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 study the updating of beliefs under ambiguity for invariant biseparable preferences. In particular, we show that a …

This paper studies the impact of ambiguity and ambiguity aversion on equilibrium asset prices and portfolio holdings in … competitive financial markets. It argues that attitudes toward ambiguity are heterogeneous across the population, just as … attitudes toward risk are heterogeneous across the population, but that heterogeneity of attitudes toward ambiguity has …