We propose and axiomatize a new model of preferences that achieves a separation between ambiguity, identified as a characteristic of the decision maker's subjective information, and ambiguity… Expand

We introduce a relation derived from the DM's preferences, called “unambiguous preference”, and show that it can be represented by a set of probabilities.Expand

We characterize, in the Anscombe-Aumann framework, the preferences for which there are a utility functionu on outcomes and an ambiguity indexc on the set of probabilities on the states of the world… Expand

This is a survey of some of the recent decision-theoretic literature involving beliefs that cannot be quantified by a Bayesian prior. We discuss historical, philosophical, and axiomatic foundations… Expand

We introduce and axiomatize dynamic variational preferences, which generalize the multiple priors preferences of Gilboa and Schmeidler and include Multiplier Preferences inspired by robust control and first used in macroeconomics by Hansen and Sargent.Expand

This paper axiomatizes and investigates a model of recursive preferences over intertemporal plans, extending the smooth ambiguity model developed in Klibano¤, Marinacci, and Mukerji (2005) (henceforth KMM) to a setting involving dynamic decision making.Expand

A decision maker is characterized by two binary relations. The first reflects decisions that are rational in an “objective” sense: the decision maker can convince others that she is right in making… Expand