Modeling Uncertainty as Ambiguity: a Review
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We survey literature on ambiguity with an emphasis on recent applications in macroeconomics and finance. Like risk, ambiguity leads to cautious behavior and uncertainty premia in asset markets. Unlike risk, ambiguity can generate first order welfare losses. As a result, precautionary behavior and
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美国国家经济研究局创建时间：
2022-04-01
