Adapting ”When Choices Are Mistakes” Framework to Study Ambiguity Aversion
Recently, the paper ”When Choices Are Mistakes” by Nielsen, Kirby, and John Rehbeck (2022) introduced a novel method to test axiomatic theories of choice under risk. This innovative approach opened new avenues for exploring decision- making processes. Ambiguity aversion, a distinct concept where probabilities of outcomes are unknown, is fundamental in understanding economic and financial decisions