Serena Guarnaschelli

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This paper studies the impact of ambiguity and ambiguity aversion on equilibrium asset prices and portfolio holdings in competitive financial markets. It argues that attitudes toward ambiguity are heterogeneous across the population, just as attitudes toward risk are heterogeneous across the population, but that heterogeneity of attitudes toward ambiguity(More)
We present experimental results on individual decisions in juries. We consider the effect of three treatment variables: the size of the jury (three or six), the number of votes needed for conviction (majority or unanimity), and jury deliberation. We nd evidence of strategic voting under the unanimity rule, where the form of strategic behavior involves a(More)
This paper studies several variants of 2 × 2 games with unique mixed strategy equilibria, which we call asymmetric matching pennies games. In experimental studies of behavior in these games, observed choice frequencies are typically much different from the mixed strategy Nash predictions. This paper reports experimental results for a variety of such games,(More)
This paper inquires about the ability of double auction institutions to aggregate information in the context of a " common value " information structure that is known to produce the winner's curse in sealed bid environments. While many fundamental features of the economic environment are different from those studied in the context of sealed bids, the(More)
The violations of expected utility axioms displayed in the Ellsberg paradox have recently been attributed to ambiguity aversion. In this paper, we study the impact of ambiguity aversion on equilibrium asset pricing and portfolio holdings in competitive financial markets. We pay particular attention to potential heterogeneity, because a significant minority(More)
This paper inquires about the ability of double auction institutions to aggregate information in the context of a " common value " information structure that is known to produce the winner's curse in sealed bid environments. While many fundamental features of the economic environment are different from those studied in the context of sealed bids, the(More)
We derive the two-scale limit of a linear or nonlinear saturation equation with a flow-based coordinate transformation. This transformation consists of the pressure and the streamfunction. In this framework the saturation equation is decoupled to a family of one-dimensional nonconservative transport equations along streamlines. This simplifies the(More)
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