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 …

The phenomena of ambiguity and ambiguity aversion, introduced in Daniel Ellsberg's
seminal 1961 article, are ubiquitous in the real world and violate both the key rationality …

We report a portfolio‐choice experiment that enables us to estimate parametric models of
ambiguity aversion at the level of the individual subject. The assets are Arrow securities that …

This paper reports on two experiments that test the descriptive validity of ambiguity models
using a natural source of uncertainty (the evolution of stock indices) and both gains and …

We extend Ellsberg's two‐urn paradox and propose three symmetric forms of partial
ambiguity by limiting the possible compositions in a deck of 100 red and black cards in three …

We propose an integrated theoretical framework that captures the diverse motives driving
the preference to obtain or avoid information. Beyond the conventional desire for information …

We propose a class of multiple‐prior representations of preferences under ambiguity, where
the belief the decision‐maker (DM) uses to evaluate an uncertain prospect is the outcome of …

This paper analyzes preferences in the presence of ambiguity that are rational in the sense
of satisfying the classical ordering condition as well as monotonicity. Under technical …

How can behavioral science incorporate tools from machine learning (ML)? We propose that
ML models can be used as upper bounds for the “explainable” variance in a given data set …