This chapter reviews the experimental literature on ambiguity attitudes, focusing on three
topics. First, it considers various approaches to operationalize ambiguity in experiments …

We present results from a large-scale international survey on risk preferences conducted in
53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of …

This paper surveys the literature on the linkages between asset prices and macroeconomic
outcomes. It focuses on three major questions. First, what are the basic theoretical linkages …

Abstract The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing
our understanding of macrofinancial linkages, the two-way interactions between the real …

This study examines whether aggregate uncertainty affects the herding tendency among
analysts. The results show that, in addition to market risk and firm-level uncertainty, analysts' …

Using detailed survey data of 620 Vietnamese investors, we examine the characteristics and
behavioral patterns that lead to overtrading and under-diversification. We also investigate …

This paper studies option investors' tendency to deviate from risk-neutrality around extreme
financial events. We incorporate ambiguity into Black–Scholes theory and analyze the lead …

Previous literature on cash management has revealed that firms hoard cash to protect
themselves against external financing constraints that might limit future capital budgeting …

Recreational fishing is among the most popular outdoor recreational activities in the world.
However, uncertainty in angler response to changes in regulation has limited managers' …

This article investigates under what conditions an increase in ambiguity reduces demand for
an uncertain asset (or raises demand for coinsurance). We find that the comparative statics …