Ambiguity aversion - Open Access .click

Insurance: Mathematics and Economics, 2015
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Huang, Yi-Chieh, Tzeng, Larry Y., Zhao, Lin +2 more
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Ambiguity Aversion and Comparative Ignorance

The Quarterly Journal of Economics, 1995
Summary: Decisions under uncertainty depend not only on the degree of uncertainty but also on its source, as illustrated by Ellsberg's observation of ambiguity aversion. In this article we propose the comparative ignorance hypothesis, according to which ambiguity aversion is produced by a comparison with less ambiguous events or with more knowledgeable
Fox, Craig R., Tversky, Amos
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Is Ambiguity Aversion a Preference? Ambiguity Aversion Without Asymmetric Information

SSRN Electronic Journal, 2019
Ambiguity aversion is the interpretation of the experimental finding (Ellsberg paradox) that most subjects prefer betting on events whose probabilities are known (objective) to betting on events whose probabilities are unknown (subjective). However in typical experiments these unknown probabilities are known by others.
Daniel L. Chen, Martin Schonger
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AMBIGUOUS RISK AVERSION UNDER CAPACITY

International Journal of Uncertainty, Fuzziness and Knowledge-Based Systems, 2012
The aim of this paper is to propose a new measure approach of ambiguous risk aversion under some capacity μ (a non-additive measure), in particular, under the distorted probability. Firstly, by using the Choquet integral with respect to the capacity μ, we introduce the concept of ambiguous risk premium [Formula: see text] of a risk asset X for risk ...
Wang, Hongxia, Li, Shoumei
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ambiguity
risk
decision making

uncertainty
risk aversion
ellsberg paradox

medicine