Decisions to trust in strategic situations involve ambiguity (unknown probabilities). Despite
many theoretical studies on ambiguity in game theory, empirical studies have lagged behind …

This paper studies the impact of ambiguity in the best‐shot and weakest‐link models of
public good provision. The models are first analyzed theoretically. Then, we conduct …

We introduce belief hedges, ie, sets of events whose uncertain subjective beliefs neutralize
each other. Belief hedges allow us to measure ambiguity attitudes without knowing those …

This paper examines the difference between strategic ambiguity as in game theory and
ambiguity arising in individual decisions. We identify a new, non-strategic component …

This article considers the impact of ambiguity in strategic situations. It extends the existing
literature on games with ambiguity‐averse players by allowing for optimistic responses to …

Subjects are randomization-loving if they prefer random mixtures of two bets to each of the
involved bets. Various approaches appeal to such preferences in order to explain …

Does exposure to cognitive load affect key properties of economic behavior? In this
experiment, subjects face a series of simple binary decision tasks between prospects …

The paper provides a psychological explanation of uncertainty aversion based on the fear of
regret. We capture an agent's regret using a reference-dependent utility function in which the …

The consequences of most economic decisions are uncertain; they are conditional on
events with unknown probabilities that decision makers evaluate based on their beliefs. In …

Other-regarding preferences or decision errors are the main explanations put forward to
justify contributions exceeding the non-cooperative optimum in VCM games. An alternative …