We commonly think of information as a means to an end. However, a growing theoretical
and experimental literature suggests that information may directly enter the agent's utility …

Based on the theoretical framework of expected utility with uncertain probabilities, this paper
uses actual prices of CSI300 and Hang Seng index to empirically measure ambiguity …

We commonly think of information as an instrument for better decisions, yet evidence
suggests that people often decline free information in nonstrategic scenarios. This paper …

This paper proposes and axiomatizes a new updating rule: Relative Maximum Likelihood
(RML) updating for ambiguous beliefs represented by a set of priors (C). This rule takes the …

Abstract The standard Subjective Expected Utility model of decision-making implies that
information can never have a negative value ex-ante. Many ambiguity theories have since …

Ambiguous language is ubiquitous and often deliberate. Recent theoretical work (Bose and
Renou, 2014; Kellner and Le Quement, 2018; Beauchêne et al., 2019) has shown how …

Standard economic models view risk taking and time discounting as two independent
dimensions of decision making. However, mounting experimental evidence demonstrates …

This paper investigates ambiguity attitudes for natural events (temperatures) and how they
are updated following new information. Using a general population sample, we first obtain …

Abstract Blackwell, 1951, Blackwell, 1953 proposes an informativeness ranking of
experiments: experiment I is more Blackwell-informative than experiment II if and only if the …

The famous conflict between dynamic consistency and ambiguity purportedly undermines
these models' normative credibility, and challenges their use in economic applications …