This paper discusses Jean-Yves Jaffray’s ideas on ambiguity and the views underlying his ideas. His models, developed 20 years ago, provide the most tractable separation of risk attitudes, ambiguity attitudes, and ambiguity beliefs available in the literature today.

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Keywords ambiguity, belief functions, total absence of information
JEL D03, Behavioral Economics; Underlying Principles (jel), D81, Criteria for Decision-Making under Risk and Uncertainty (jel)
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Wakker, P.P. (2011). Jaffray’s ideas on ambiguity. Theory and Decision: an international journal for multidisciplinary advances in decision sciences, 71(1), 11–22. doi:10.1007/s11238-010-9209-4