Decisions under ambiguity depend on both the belief regarding possible scenarios and the attitude towards ambiguity. This paper exclusively focuses on beliefs, measured independent from attitudes. We use laboratory experiments ...

The pricing of an ambiguous asset, whose cash flow stream is uncertain, may be affected by three factors: the belief regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude ...

In the experiments, the ambiguous environment is operationalized by an urn. Subjects participating in the experiments are told that the urn contains in total 100 balls, and that each ball is either a white ball or a black ...