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 …

We review recent advances in the field of decision making under uncertainty or ambiguity.
We start with a presentation of the general approach to a decision problem under …

We investigate the role of economic uncertainty in the cross-sectional pricing of individual
stocks and equity portfolios. We estimate stock exposure to an economic uncertainty index …

Stock market participation is monotonically related to IQ, controlling for wealth, income, age,
and other demographic and occupational information. The high correlation between IQ and …

We test the relation between ambiguity aversion and five household portfolio choice
puzzles: nonparticipation in equities, low allocations to equity, home-bias, own-company …

Household financial decisions are complex, interdependent, and heterogeneous, and
central to the functioning of the financial system. We present an overview of the rapidly …

We propose a novel generalized recursive smooth ambiguity model which permits a three‐
way separation among risk aversion, ambiguity aversion, and intertemporal substitution. We …

We investigate the implications of ambiguity aversion for performance and regulation of
markets. In our model, agents' decision making may incorporate both risk and ambiguity …

We propose that innovative originality is a valuable organizational resource and that owing
to limited investor attention and skepticism of complexity, greater innovative originality may …

I investigate whether information quality affects the cost of equity capital through liquidity
risk. Liquidity risk is the sensitivity of stock returns to unexpected changes in market liquidity; …