This study provides novel evidence on the role of ambiguity aversion in determining the response of mutual fund investors to historical fund performance information. We present a model of ambiguity averse investors who receive multiple performance-based signals of uncertain precision about manager skill. A key implication of the model is that when investors receive multiple signals of uncertain...

This paper studies asset markets in which ambiguity averse investors face Knightian uncertainty about expected payo s. The same investors, however, might wish to resolve their uncertainty, although not risk, by just purchasing information. In these markets, uninformed and, hence, ambiguity averse, agents may coexist with informed agents, as a result of a rational information acquisition process...

Frobenius reciprocity asserts that induction from a subgroup and restriction to it are adjoint functors in categories of unitary [Formula: see text]-modules. In the 1980s, Guillemin Sternberg established parallel property Hamiltonian text]-spaces, which (as we show) unfortunately fails mirror situation where more than one text]-module “quantizes” given text]-space. This paper offers evidence is...

despite the few data about mardâs in shâhnâme, the very high attention of scholars to him and his name is indebted to the importance of his son, zahhâk, in iranian mythology. the lack of any information about this personality in avesta, ambiguity of written forms of his name in pahlavi script in middle persian texts, multiplicity of the recorded forms in islamic texts and also the similarity of...

flexibility as an ability to respond to changing circumstances is one of the vital characteristics of the natural and built environment. during the contemporary era, diversity of methods relating the architectural flexibility execution are suggested. but along with contemporary conceptual approaches toward pluralism and uncertainty, it seems that the multiplicity of approaches toward flexibilit...

This paper studies the multiplicity-correction effect of standard Bayesian variable-selection priors in linear regression. The first goal of the paper is to clarify when, and how, multiplicity correction is automatic in Bayesian analysis, and contrast this multiplicity correction with the Bayesian Ockham’s-razor effect. Secondly, we contrast empirical-Bayes and fully Bayesian approaches to vari...