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  1. Peter Fishburn’s analysis of ambiguity.Mark Shattuck & Carl Wagner - 2016 - Theory and Decision 81 (2):153-165.
    In ordinary discourse the term ambiguity typically refers to vagueness or imprecision in a natural language. Among decision theorists, however, this term usually refers to imprecision in an individual’s probabilistic judgments, in the sense that the available evidence is consistent with more than one probability distribution over possible states of the world. Avoiding a prior commitment to either of these interpretations, Fishburn has explored ambiguity as a primitive concept, in terms of what he calls an ambiguity measure a on the (...)
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  • Peter C. Fishburn.Fred S. Roberts, William V. Gehrlein & Steven J. Brams - 2021 - Theory and Decision 93 (1):1-6.
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  • Ambiguity in asset pricing and portfolio choice: a review of the literature. [REVIEW]Massimo Guidolin & Francesca Rinaldi - 2013 - Theory and Decision 74 (2):183-217.
    We survey the literature that has explored the implications of decision-making under ambiguity for financial market outcomes, such as portfolio choice and equilibrium asset prices. This ambiguity literature has led to a number of significant advances in our ability to rationalize empirical features of asset returns and portfolio decisions, such as the failure of the two-fund separation theorem in portfolio decisions, the modest exposure to risky securities observed for a majority of investors, the home equity preference in international portfolio diversification, (...)
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