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The Ellsberg Paradox and Risk Aversion: An Anticipated Utility Approach

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Cited by:

  1. Yoram Halevy & Emre Ozdenoren, 2022. "Uncertainty and compound lotteries: calibration," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(2), pages 373-395, September.
  2. Hideki Iwaki & Yusuke Osaki, 2014. "The dual theory of the smooth ambiguity model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 56(2), pages 275-289, June.
  3. Özgür Evren, 2017. "Cautious and Globally Ambiguity Averse," Working Papers w0236, Center for Economic and Financial Research (CEFIR).
  4. Dillenberger, David & Segal, Uzi, 2017. "Skewed noise," Journal of Economic Theory, Elsevier, vol. 169(C), pages 344-364.
  5. Filiz-Ozbay, Emel & Gulen, Huseyin & Masatlioglu, Yusufcan & Ozbay, Erkut Y., 2022. "Comparing ambiguous urns with different sizes," Journal of Economic Theory, Elsevier, vol. 199(C).
  6. Epstein, Larry G. & Zin, Stanley E., 1990. "'First-order' risk aversion and the equity premium puzzle," Journal of Monetary Economics, Elsevier, vol. 26(3), pages 387-407, December.
  7. Madhav Chandrasekher & Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2022. "Dual‐Self Representations of Ambiguity Preferences," Econometrica, Econometric Society, vol. 90(3), pages 1029-1061, May.
  8. Uwe Dulleck & Andreas Löffler, 2021. "μ – σ Games," Games, MDPI, vol. 12(1), pages 1-12, January.
  9. Klibanoff, Peter & Marinacci, Massimo & Mukerji, Sujoy, 2009. "Recursive smooth ambiguity preferences," Journal of Economic Theory, Elsevier, vol. 144(3), pages 930-976, May.
  10. Monika Bolek & Rafal Wolski, 2019. "Irrationality of Investment Funds Managers in the Light of Available Information – Case of Poland," Proceedings of the 12th International RAIS Conference, April 3-4, 2019 4WB, Research Association for Interdisciplinary Studies.
  11. ,, 2012. "The ex-ante aggregation of opinions under uncertainty," Theoretical Economics, Econometric Society, vol. 7(3), September.
  12. Mohammed Abdellaoui & Enrico Diecidue & Emmanuel Kemel & Ayse Onculer, 2021. "Temporal Risk Resolution: Utility versus Probability Weighting Approaches," Working Papers hal-03330225, HAL.
  13. Nengjiu Ju & Jianjun Miao, 2012. "Ambiguity, Learning, and Asset Returns," Econometrica, Econometric Society, vol. 80(2), pages 559-591, March.
  14. Borgonovo, Emanuele & Marinacci, Massimo, 2015. "Decision analysis under ambiguity," European Journal of Operational Research, Elsevier, vol. 244(3), pages 823-836.
  15. Asano, Takao & Osaki, Yusuke, 2021. "Optimal investment under ambiguous technology shocks," European Journal of Operational Research, Elsevier, vol. 293(1), pages 304-311.
  16. John D. Hey & Noemi Pace, 2018. "The explanatory and predictive power of non two-stage-probability theories of decision making under ambiguity," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 6, pages 139-167, World Scientific Publishing Co. Pte. Ltd..
  17. Lang, Matthias & Wambach, Achim, 2013. "The fog of fraud – Mitigating fraud by strategic ambiguity," Games and Economic Behavior, Elsevier, vol. 81(C), pages 255-275.
  18. Johanna Etner & Meglena Jeleva & Jean‐Marc Tallon, 2012. "Decision Theory Under Ambiguity," Journal of Economic Surveys, Wiley Blackwell, vol. 26(2), pages 234-270, April.
  19. Jinrui Pan & Craig S. Webb & Horst Zank, 2019. "Delayed probabilistic risk attitude: a parametric approach," Theory and Decision, Springer, vol. 87(2), pages 201-232, September.
  20. Larry G Epstein & Yoram Halevy, 2019. "Ambiguous Correlation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 86(2), pages 668-693.
  21. Guidolin, Massimo & Liu, Hening, 2016. "Ambiguity Aversion and Underdiversification," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 51(4), pages 1297-1323, August.
  22. Fan Wang, 2022. "Rank-Dependent Utility Under Multiple Priors," Management Science, INFORMS, vol. 68(11), pages 8166-8183, November.
  23. Anna Conte & John D. Hey, 2018. "Assessing multiple prior models of behaviour under ambiguity," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 7, pages 169-188, World Scientific Publishing Co. Pte. Ltd..
  24. Ilke AYDOGAN & Loïc BERGER & Valentina BOSETTI & Ning LIU, 2022. "Three layers of uncertainty," Working Papers 2022-iRisk-01, IESEG School of Management.
  25. , & ,, 2011. "Intertemporal substitution and recursive smooth ambiguity preferences," Theoretical Economics, Econometric Society, vol. 6(3), September.
  26. Tommaso Denti & Luciano Pomatto, 2022. "Model and Predictive Uncertainty: A Foundation for Smooth Ambiguity Preferences," Econometrica, Econometric Society, vol. 90(2), pages 551-584, March.
  27. David Ahn & Syngjoo Choi & Douglas Gale & Shachar Kariv, 2014. "Estimating ambiguity aversion in a portfolio choice experiment," Quantitative Economics, Econometric Society, vol. 5, pages 195-223, July.
  28. Camerer, Colin & Weber, Martin, 1992. "Recent Developments in Modeling Preferences: Uncertainty and Ambiguity," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 325-370, October.
  29. Kota Saito, 2009. "A Relationship between Risk and Time Preferences," Levine's Working Paper Archive 814577000000000269, David K. Levine.
  30. Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2022. "Three layers of uncertainty," Working Papers hal-03031751, HAL.
  31. Ilke AYDOGAN & Loïc BERGER & Valentina BOSETTI, 2023. "Unraveling Ambiguity Aversion," Working Papers 2023-iRisk-01, IESEG School of Management.
  32. Shaw, W. Douglass & Woodward, Richard T., 2010. "Water Management, Risk, and Uncertainty: Things We Wish We Knew in the 21st Century," Western Economics Forum, Western Agricultural Economics Association, vol. 9(2), pages 1-15.
  33. König-Kersting, Christian & Kops, Christopher & Trautmann, Stefan T., 2023. "A test of (weak) certainty independence," Journal of Economic Theory, Elsevier, vol. 209(C).
  34. Agarwal, Vikas & Arisoy, Y. Eser & Naik, Narayan Y., 2017. "Volatility of aggregate volatility and hedge fund returns," Journal of Financial Economics, Elsevier, vol. 125(3), pages 491-510.
  35. Beggs, Alan, 2021. "Games with second-order expected utility," Games and Economic Behavior, Elsevier, vol. 130(C), pages 569-590.
  36. Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023. "Three layers of uncertainty," Post-Print hal-03031751, HAL.
  37. Chakraborty, Anujit & Halevy, Yoram, 2015. "Allais meets Strotz: Remarks on the relation between Present Bias and the Certainty Effect," Microeconomics.ca working papers yoram_halevy-2015-7, Vancouver School of Economics, revised 03 Nov 2016.
  38. Jewitt, Ian & Mukerji, Sujoy, 2017. "Ordering ambiguous acts," Journal of Economic Theory, Elsevier, vol. 171(C), pages 213-267.
  39. Bose, Subir & Daripa, Arup, 2023. "Eliciting second-order beliefs," Journal of Mathematical Economics, Elsevier, vol. 107(C).
  40. Gravel, Nicolas & Marchant, Thierry & Sen, Arunava, 2018. "Conditional expected utility criteria for decision making under ignorance or objective ambiguity," Journal of Mathematical Economics, Elsevier, vol. 78(C), pages 79-95.
  41. Dean, Mark & Ortoleva, Pietro, 2017. "Allais, Ellsberg, and preferences for hedging," Theoretical Economics, Econometric Society, vol. 12(1), January.
  42. Mei Cai & Wenfei Xiu & Guo Wei, 2021. "Expected loss utility for natural hazards and its application in pricing property insurance products," Environment Systems and Decisions, Springer, vol. 41(3), pages 377-391, September.
  43. Hui Chen & Nengjiu Ju & Jianjun Miao, 2014. "Dynamic Asset Allocation with Ambiguous Return Predictability," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(4), pages 799-823, October.
  44. Mr. S. Nuri Erbas, 2002. "Primeron Reforms in a Second-Best Ambiguous Environment: A Case for Gradualism," IMF Working Papers 2002/050, International Monetary Fund.
  45. Marc Willinger, 1990. "La rénovation des fondements de l'utilité et du risque," Revue Économique, Programme National Persée, vol. 41(1), pages 5-48.
  46. Gajdos, Thibault & Tallon, Jean-Marc & Vergnaud, Jean-Christophe, 2004. "Decision making with imprecise probabilistic information," Journal of Mathematical Economics, Elsevier, vol. 40(6), pages 647-681, September.
  47. Ilke Aydogan & Loïc Berger & Valentina Bosetti & Ning Liu, 2023. "Three Layers of Uncertainty," Post-Print hal-04370968, HAL.
  48. Christina Letsou & Shlomo Naeh & Uzi Segal, 2022. "All probabilities are equal, but some probabilities are more equal than others," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(2), pages 423-445, September.
  49. Safra, Zvi & Segal, Uzi, 2022. "A lot of ambiguity," Journal of Economic Theory, Elsevier, vol. 200(C).
  50. Ali al-Nowaihi & Sanjit Dhami, 2016. "The Ellsberg paradox: A challenge to quantum decision theory?," Discussion Papers in Economics 16/08, Division of Economics, School of Business, University of Leicester.
  51. Mohammed Abdellaoui & Peter Klibanoff & Lætitia Placido, 2015. "Experiments on Compound Risk in Relation to Simple Risk and to Ambiguity," Management Science, INFORMS, vol. 61(6), pages 1306-1322, June.
  52. Chew, Soo Hong & Miao, Bin & Shen, Qiang & Zhong, Songfa, 2022. "Multiple-switching behavior in choice-list elicitation of risk preference," Journal of Economic Theory, Elsevier, vol. 204(C).
  53. Crockett, Erin & Crockett, Sean, 2019. "Endowments and risky choice," Journal of Economic Behavior & Organization, Elsevier, vol. 159(C), pages 344-354.
  54. David Buschena & David Zilberman, 2008. "Generalized expected utility, heteroscedastic error, and path dependence in risky choice," Journal of Risk and Uncertainty, Springer, vol. 36(2), pages 201-201, April.
  55. Christopher Anderson, 2012. "Ambiguity aversion in multi-armed bandit problems," Theory and Decision, Springer, vol. 72(1), pages 15-33, January.
  56. Christoph Bühren & Fabian Meier & Marco Pleßner, 2023. "Ambiguity aversion: bibliometric analysis and literature review of the last 60 years," Management Review Quarterly, Springer, vol. 73(2), pages 495-525, June.
  57. Daniel Krähmer & Rebecca Stone, 2013. "Anticipated regret as an explanation of uncertainty aversion," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(2), pages 709-728, March.
  58. Haluk Ergin & Faruk Gul, 2004. "A subjective theory of compound lotteries," Econometric Society 2004 North American Summer Meetings 152, Econometric Society.
  59. Mira Frick & Ryota Iijima & Yves Le Yaouanq, 2019. "Dispersed Behavior and Perceptions in Assortative Societies," Cowles Foundation Discussion Papers 2180, Cowles Foundation for Research in Economics, Yale University.
  60. Olivier Armantier & Nicolas Treich, 2016. "The Rich Domain of Risk," Management Science, INFORMS, vol. 62(7), pages 1954-1969, July.
  61. Elabed, Ghada & Carter, Michael R., 2015. "Compound-risk aversion, ambiguity and the willingness to pay for microinsurance," Journal of Economic Behavior & Organization, Elsevier, vol. 118(C), pages 150-166.
  62. Mark Machina, 2011. "Event-Separability in the Ellsberg urn," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 48(2), pages 425-436, October.
  63. Prokosheva, Sasha, 2016. "Comparing decisions under compound risk and ambiguity: The importance of cognitive skills," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 64(C), pages 94-105.
  64. Krause, Timothy A., 2019. "Hedge fund returns and uncertainty," The North American Journal of Economics and Finance, Elsevier, vol. 47(C), pages 597-601.
  65. Kostopoulos, Dimitrios & Meyer, Steffen & Uhr, Charline, 2020. "Ambiguity and investor behavior," SAFE Working Paper Series 297, Leibniz Institute for Financial Research SAFE.
  66. Treich, Nicolas, 2010. "The value of a statistical life under ambiguity aversion," Journal of Environmental Economics and Management, Elsevier, vol. 59(1), pages 15-26, January.
  67. Dirk van Straaten & René Fahr, 2021. "Fighting Fire with Fire - Overcoming Ambiguity Aversion by Introducing more Ambiguity," Working Papers Dissertations 73, Paderborn University, Faculty of Business Administration and Economics.
  68. Huang, Helen & Wang, Yanjie & Zhang, Shunming, 2021. "Prudence attitude and limited participation," Economic Modelling, Elsevier, vol. 101(C).
  69. Sasha Prokosheva, 2014. "Comparing Decisions under Compound Risk and Ambiguity: The Importance of Cognitive Skills," CERGE-EI Working Papers wp525, The Center for Economic Research and Graduate Education - Economics Institute, Prague.
  70. Anastasia Burkovskaya, 2020. "On Machina’s paradoxes and limited attention," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 8(2), pages 231-244, October.
  71. Burgos, Albert & Grant, Simon & Kajii, Atsushi, 2002. "Bargaining and Boldness," Games and Economic Behavior, Elsevier, vol. 38(1), pages 28-51, January.
  72. Harrison, Glenn W. & Martínez-Correa, Jimmy & Swarthout, J. Todd, 2015. "Reduction of compound lotteries with objective probabilities: Theory and evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 119(C), pages 32-55.
  73. Buschena, David E. & Zilberman, David, 1992. "Similarity of Choices and the Performance of the Expected Utility Approach: Empirical Results," 1992 Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk Meeting, March 22-25, 1992, Orlando, Florida 307868, Regional Research Projects > S-232: Quantifying Long Run Agricultural Risks and Evaluating Farmer Responses to Risk.
  74. Craig S. Webb, 2017. "Purely subjective variational preferences," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 64(1), pages 121-137, June.
  75. Buschena, David & Zilberman, David, 1992. "Not Just Another Paper Showing Violations of the Expected Utility Model: The Effects of Alternative Similarity on Risky Choice," CUDARE Working Papers 198603, University of California, Berkeley, Department of Agricultural and Resource Economics.
  76. Izhakian, Yehuda, 2020. "A theoretical foundation of ambiguity measurement," Journal of Economic Theory, Elsevier, vol. 187(C).
  77. Yoram Halevy & Vincent Feltkamp, 2005. "A Bayesian Approach to Uncertainty Aversion," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 72(2), pages 449-466.
  78. Ilke Aydogan & Loïc Berger & Vincent Théroude, 2023. "More Ambiguous or More Complex? An Investigation of Individual Preferences under Uncertainty," Working Papers of BETA 2023-10, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
  79. Loic Berger, 2021. "What Is Partial Ambiguity?," Working Papers 2021-iRisk-01, IESEG School of Management.
  80. Maria J. Ruiz Martos, 2018. "Sequential Common Consequence Effect and Incentives," ThE Papers 18/04, Department of Economic Theory and Economic History of the University of Granada..
  81. Ilke Aydogan & Loïc Berger & Valentina Bosetti, 2023. "Unraveling Ambiguity Aversion," Working Papers hal-04071242, HAL.
  82. Mohammed Abdellaoui & Horst Zank, 2023. "Source and rank-dependent utility," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 75(4), pages 949-981, May.
  83. Mark J. Machina, 2014. "Ambiguity Aversion with Three or More Outcomes," American Economic Review, American Economic Association, vol. 104(12), pages 3814-3840, December.
  84. Mr. S. Nuri Erbas, 2004. "Ambiguity, Transparency, and Institutional Strength," IMF Working Papers 2004/115, International Monetary Fund.
  85. Chen, Daniel L. & Schonger, Martin, 2016. "Testing axiomatizations of ambiguity aversion," TSE Working Papers 16-717, Toulouse School of Economics (TSE).
  86. Peter Klibanoff & Massimo Marinacci & Sujoy Mukerji, 2005. "A Smooth Model of Decision Making under Ambiguity," Econometrica, Econometric Society, vol. 73(6), pages 1849-1892, November.
  87. Takao Asano & Yusuke Osaki, 2017. "Portfolio Allocation Problems between Risky Ambiguous Assets," KIER Working Papers 975, Kyoto University, Institute of Economic Research.
  88. Massimo Marinacci, 2015. "Model Uncertainty," Journal of the European Economic Association, European Economic Association, vol. 13(6), pages 1022-1100, December.
  89. Mr. S. Nuri Erbas, 2003. "Imf Conditionality and Program Ownership: A Case for Streamlined Conditionality," IMF Working Papers 2003/098, International Monetary Fund.
  90. Menachem Brenner & Yehuda Izhakian, 2011. "Asset Priving and Ambiguity: Empirical Evidence," Working Papers 11-10, New York University, Leonard N. Stern School of Business, Department of Economics.
  91. Mary Riddel & W. Shaw, 2006. "A theoretically-consistent empirical model of non-expected utility: An application to nuclear-waste transport," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 131-150, March.
  92. David Dillenberger & Uzi Segal, 2012. "Recursive Ambiguity and Machina’s Examples," PIER Working Paper Archive 12-021, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  93. Leandro Nascimento & Gil Riella, 2013. "Second-order ambiguous beliefs," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(3), pages 1005-1037, April.
  94. Ying He, 2021. "Revisiting Ellsberg’s and Machina’s Paradoxes: A Two-Stage Evaluation Model Under Ambiguity," Management Science, INFORMS, vol. 67(11), pages 6897-6914, November.
  95. Ozgur Evren, 2024. "Second-Order Representations: A Bayesian Approach," Working Papers w0291, New Economic School (NES).
  96. Ben Gillen & Erik Snowberg & Leeat Yariv, 2015. "Experimenting with Measurement Error: Techniques with Applications to the Caltech Cohort Study," NBER Working Papers 21517, National Bureau of Economic Research, Inc.
  97. Constantinos Antoniou & Glenn Harrison & Morten Lau & Daniel Read, 2015. "Subjective Bayesian beliefs," Journal of Risk and Uncertainty, Springer, vol. 50(1), pages 35-54, February.
  98. Qiu, Yueming & Colson, Gregory & Grebitus, Carola, 2014. "Risk preferences and purchase of energy-efficient technologies in the residential sector," Ecological Economics, Elsevier, vol. 107(C), pages 216-229.
  99. Qiu, Yueming & Colson, Gregory & Wetzstein, Michael E., 2017. "Risk preference and adverse selection for participation in time-of-use electricity pricing programs," Resource and Energy Economics, Elsevier, vol. 47(C), pages 126-142.
  100. Anujit Chakraborty & Yoram Halevy & Kota Saito, 2020. "The Relation between Behavior under Risk and over Time," American Economic Review: Insights, American Economic Association, vol. 2(1), pages 1-16, March.
  101. repec:dau:papers:123456789/3480 is not listed on IDEAS
  102. Frick, Mira & Iijima, Ryota & Le Yaouanq, Yves, 2019. "Boolean Representations of Preferences under Ambiguity," Rationality and Competition Discussion Paper Series 173, CRC TRR 190 Rationality and Competition.
  103. Haluk Ergin & Faruk Gul, 2003. "A Subjective Theory of Compound Lotteries," Levine's Bibliography 506439000000000406, UCLA Department of Economics.
  104. Guo, Peijun, 2019. "Focus theory of choice and its application to resolving the St. Petersburg, Allais, and Ellsberg paradoxes and other anomalies," European Journal of Operational Research, Elsevier, vol. 276(3), pages 1034-1043.
  105. Robert F. Nau, 2006. "Uncertainty Aversion with Second-Order Utilities and Probabilities," Management Science, INFORMS, vol. 52(1), pages 136-145, January.
  106. Ilke Aydogan & Loic Berger & Valentina Bosetti & Ning Liu, 2018. "Three layers of uncertainty: an experiment," Working Papers 623, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
  107. Mark J. Machina, 2009. "Risk, Ambiguity, and the Rank-Dependence Axioms," American Economic Review, American Economic Association, vol. 99(1), pages 385-392, March.
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  109. Mr. Abbas Mirakhor & Mr. S. Nuri Erbas, 2007. "The Equity Premium Puzzle, Ambiguity Aversion, and Institutional Quality," IMF Working Papers 2007/230, International Monetary Fund.
  110. Karni, Edi & Maccheroni, Fabio & Marinacci, Massimo, 2015. "Ambiguity and Nonexpected Utility," Handbook of Game Theory with Economic Applications,, Elsevier.
  111. Maria J. Ruiz Martos, 2017. "Individual Dynamic Choice Behaviour and the Common Consequence Effect," ThE Papers 17/01, Department of Economic Theory and Economic History of the University of Granada..
  112. Prpić, John, 2017. "Project Risk Management Incorporating Knight, Ellsberg & Kahneman," SocArXiv yqhjx, Center for Open Science.
  113. Glenn Harrison & J. Swarthout, 2014. "Experimental payment protocols and the Bipolar Behaviorist," Theory and Decision, Springer, vol. 77(3), pages 423-438, October.
  114. Christian Gollier, 2011. "Portfolio Choices and Asset Prices: The Comparative Statics of Ambiguity Aversion," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 78(4), pages 1329-1344.
  115. Ilke AYDOGAN & Loïc BERGER & Vincent THEROUDE, 2023. "More Ambiguous or More Complex? An Investigation of Individual Preferences under Model Uncertainty," Working Papers 2023-iRisk-02, IESEG School of Management.
  116. Riddel, Mary C. & Shaw, W. Douglass, 2006. "A Theoretically-Consistent Empirical Non-Expected Utility Model of Ambiguity: Nuclear Waste Mortality Risk and Yucca Mountain," Pre-Prints 23964, Texas A&M University, Department of Agricultural Economics.
  117. Yehuda Izhakian, 2012. "Ambiguity Measurement," Working Papers 12-01, New York University, Leonard N. Stern School of Business, Department of Economics.
  118. Evren, Özgür, 2019. "Recursive non-expected utility: Connecting ambiguity attitudes to risk preferences and the level of ambiguity," Games and Economic Behavior, Elsevier, vol. 114(C), pages 285-307.
  119. Mohammed Abdellaoui & Enrico Diecidue & Emmanuel Kemel & Ayse Onculer, 2022. "Temporal Risk: Utility vs. Probability Weighting," Management Science, INFORMS, vol. 68(7), pages 5162-5186, July.
  120. A. Nebout & D. Dubois, 2014. "When Allais meets Ulysses: Dynamic axioms and the common ratio effect," Journal of Risk and Uncertainty, Springer, vol. 48(1), pages 19-49, February.
  121. Nartea, Gilbert V. & Bai, Hengyu & Wu, Ji, 2020. "Investor sentiment and the economic policy uncertainty premium," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
  122. Chateauneuf, Alain, 1999. "Comonotonicity axioms and rank-dependent expected utility theory for arbitrary consequences," Journal of Mathematical Economics, Elsevier, vol. 32(1), pages 21-45, August.
  123. David Dillenberger & Uzi Segal, 2015. "Recursive Ambiguity And Machina'S Examples," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 56(1), pages 55-61, February.
  124. Christian A. Vossler & Dong Yan, 2019. "An Experimental Investigation of Updating under Ambiguity," Working Papers 2019-02, University of Tennessee, Department of Economics.
  125. Nobuo Koida, 2012. "Nest-monotonic two-stage acts and exponential probability capacities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 50(1), pages 99-124, May.
  126. Kfir Eliaz & Pietro Ortoleva, 2016. "Multidimensional Ellsberg," Management Science, INFORMS, vol. 62(8), pages 2179-2197, August.
  127. Demers, Fanny S. & Demers, Michel, 1994. "Prudence, demand uncertainty background risk and the law of supply : anonexpected utility approach to the firm," CEPREMAP Working Papers (Couverture Orange) 9425, CEPREMAP.
  128. Kostopoulos, Dimitrios & Meyer, Steffen & Uhr, Charline, 2022. "Ambiguity about volatility and investor behavior," Journal of Financial Economics, Elsevier, vol. 145(1), pages 277-296.
  129. Toshio Fujimi & Hirokazu Tatano, 2013. "Promoting Seismic Retrofit Implementation Through “Nudge”: Using Warranty as a Driver," Risk Analysis, John Wiley & Sons, vol. 33(10), pages 1858-1883, October.
  130. Epstein, Larry G. & Halevy, Yoram, 2014. "No Two Experiments are Identical," Microeconomics.ca working papers yoram_halevy-2014-9, Vancouver School of Economics, revised 15 Feb 2017.
  131. Steffen Andersen & John Fountain & Glenn Harrison & Arne Hole & E. Rutström, 2012. "Inferring beliefs as subjectively imprecise probabilities," Theory and Decision, Springer, vol. 73(1), pages 161-184, July.
  132. Zvi Safra & Uzi Segal, 2005. "Are Universal Preferences Possible? Calibration Results for Non-Expected Utility Theories," Boston College Working Papers in Economics 633, Boston College Department of Economics.
  133. Izhakian, Yehuda, 2017. "Expected utility with uncertain probabilities theory," Journal of Mathematical Economics, Elsevier, vol. 69(C), pages 91-103.
  134. Ilke Aydogan & Loïc Berger & Valentina Bosetti, 2023. "Unraveling Ambiguity Aversion," Post-Print hal-04370668, HAL.
  135. Dean Spears, 2013. "Poverty and probability: aspiration and aversion to compound lotteries in El Salvador and India," Experimental Economics, Springer;Economic Science Association, vol. 16(3), pages 263-284, September.
  136. Florian Schneider & Martin Schonger, 2015. "An experimental test of the Anscombe-Aumann Monotonicity axiom," ECON - Working Papers 207, Department of Economics - University of Zurich, revised May 2017.
  137. He, Ying & Dyer, James S. & Butler, John C. & Jia, Jianmin, 2019. "An additive model of decision making under risk and ambiguity," Journal of Mathematical Economics, Elsevier, vol. 85(C), pages 78-92.
  138. John D. Hey & Gianna Lotito & Anna Maffioletti, 2018. "The descriptive and predictive adequacy of theories of decision making under uncertainty/ambiguity," World Scientific Book Chapters, in: Experiments in Economics Decision Making and Markets, chapter 8, pages 189-219, World Scientific Publishing Co. Pte. Ltd..
  139. Pavlo Blavatskyy, 2021. "A measure of ambiguity (Knightian uncertainty)," Theory and Decision, Springer, vol. 91(2), pages 153-171, September.
  140. Byounghyun Jeon & Sung Won Seo & Jun Sik Kim, 2020. "Uncertainty and the volatility forecasting power of option‐implied volatility," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 40(7), pages 1109-1126, July.
  141. Strobl, Renate, 2022. "Background risk, insurance and investment behaviour: Experimental evidence from Kenya," Journal of Economic Behavior & Organization, Elsevier, vol. 202(C), pages 34-68.
  142. Ambuehl, Sandro & Li, Shengwu, 2018. "Belief updating and the demand for information," Games and Economic Behavior, Elsevier, vol. 109(C), pages 21-39.
  143. Ginzburg, Boris & Guerra, José-Alberto, 2019. "When collective ignorance is bliss: Theory and experiment on voting for learning," Journal of Public Economics, Elsevier, vol. 169(C), pages 52-64.
  144. Bommier, Antoine, 2017. "A dual approach to ambiguity aversion," Journal of Mathematical Economics, Elsevier, vol. 71(C), pages 104-118.
  145. Aurélien Baillon & Han Bleichrodt & Zhenxing Huang & Rogier Potter van Loon, 2017. "Measuring ambiguity attitude: (Extended) multiplier preferences for the American and the Dutch population," Journal of Risk and Uncertainty, Springer, vol. 54(3), pages 269-281, June.
  146. Brenner, Menachem & Izhakian, Yehuda, 2018. "Asset pricing and ambiguity: Empirical evidence⁎," Journal of Financial Economics, Elsevier, vol. 130(3), pages 503-531.
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