We survey the literature that has explored the implications of decision-making under
ambiguity for financial market outcomes, such as portfolio choice and equilibrium asset …

We survey literature on ambiguity with an emphasis on recent applications in
macroeconomics and finance. Like risk, ambiguity leads to cautious behavior and …

John and Lisa are offered additional insurance against the risk of a heart disease. They
would like to know the probability of developing such a disease over the next 10 years. The …

Behavioral economics uses evidence from psychology and other disciplines to create
models of limits on rationality, willpower and self-interest, and explore their implications in …

This paper assesses the quantitative impact of ambiguity on historically observed financial
asset returns and growth rates. The single agent, in a dynamic exchange economy, treats …

We study a persuasion game à la Kamenica and Gentzkow (2011) where players are
ambiguity averse with maxmin expected utility (Gilboa and Schmeidler, 1989). With no prior …

On the trading floor, all action is based on news, therefore rumors in financial markets are an
everyday phenomenon. Rumors are the oldest mass medium in the world and their nature is …

Standard accident models are based on the expected utility framework and represent
agents' beliefs about accident risk with a probability distribution. Consequently, they do not …

Ambiguous choice problems which involve three or more outcome values can reveal
aspects of ambiguity and ambiguity aversion which cannot be displayed in the classic two …

We study incomplete information games with ambiguity averse players. Our focus is on
equilibrium concepts satisfying sequential optimality—each player's strategy is optimal at …