Animals (including humans) often face circumstances in which the best choice of action is
not certain. Environmental cues may be ambiguous, and choices may be risky. This paper …

Experimental economists currently lack a convention for how to pay subjects in experiments
with multiple tasks. We provide a theoretical framework for analyzing this question …

John and Lisa are offered additional insurance against the risk of a heart disease. They
would like to know the probability of developing such a disease over the next 10 years. The …

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 provide a critical assessment of the ambiguity aversion literature, which we characterize
in terms of the view that Ellsberg choices are rational responses to ambiguity, to be …

We introduce and axiomatize dynamic variational preferences, the dynamic version of the
variational preferences we axiomatized in [F. Maccheroni, M. Marinacci, A. Rustichini …

Dynamic consistency leads to Bayesian updating under expected utility. We ask what it
implies for the updating of more general preferences. In this paper, we characterize …

Many theories of updating under ambiguity assume either dynamic consistency or
consequentialism to underpin behaviorally the link between conditional and unconditional …

Acyclic orientations with exactly one source and one sink—the so-called bipolar orientations-
arise in many graph algorithms and specially in graph drawing. The fundamental properties …

There is much interest in ambiguity-averse behavior under uncertainty, and many theories
have been advanced to explain this. Empirical analyses of choices involving ambiguous …