The Ellsberg paradox suggests that people's behavior is different in risky situations—when
they are given objective probabilities—from their behavior in ambiguous situations—when …

Prospect Theory: For Risk and Ambiguity, provides a comprehensive and accessible
textbook treatment of the way decisions are made both when we have the statistical …

We conduct a bibliometric analysis and review the literature of the last six decades on
ambiguity aversion. Comparing trends in theoretical, experimental, and empirical …

Risk attitude is known to be a key determinant of various economic and financial choices.
Behavioral studies that aim to evaluate the role of risk attitudes in contexts of this type …

Many health risks are ambiguous in the sense that reliable and credible information about
these risks is unavailable. In health economics, ambiguity is usually handled through …

Two Ellsberg‐style thought experiments are described that reflect on the smooth ambiguity
decision model developed by Klibanoff, Marinacci, and Mukerji (2005). The first experiment …

Without an instrument to identify the reference point, prospect theory includes a degree of
freedom that makes the model difficult to falsify. To address this issue, we propose a …

In most models of (cumulative) prospect theory, reference dependence of preferences is
imposed beforehand and the location of the reference point is determined exogenously. This …

Abstract Two-Stage Exponential (TSE) discounting, the model developed here, generalises
exponential discounting in a parsimonious way. It can be seen as an extension of Quasi …

I propose a new behavioral definition of comparative ambiguity aversion, which, in contrast
to standard definitions, establishes a separation between ambiguity attitude and risk attitude …