Ambiguity vs. Risk in Investment Decisions: A Continuous Decomposition
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This paper provides a novel framework for assessing the effect of ambiguity on asset values within the Klibanoff-Marinacci-Mukerji (KMM) smooth ambiguity framework. By shifting the analysis into a continuous space of prior probabilities, we establish that ambiguity leads to an adjustment of beliefs
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美国国家经济研究局创建时间：
2026-07-01
