This paper assesses the quantitative impact of ambiguity on the historically observed financial asset returns and prices. The single agent, in a dynamic exchange economy, treats the conditional uncertainty about the consumption and dividends next period as ambiguous. We calibrate the agent's...

The current literature on business models lies mainly in the literature on strategy and competitive advantage and focuses on their role as descriptors of actual phenomenon, often by reference to taxonomic categories. In this essay we explore how business models can be seen as a set of cognitive...

This qualitative study uncovers how organizations following a replication strategy, with its focus on efficiency and standardisation, can also achieve explorative knowledge search to propose relevant solutions to unusual problems. We undertook a detailed investigation of middle managers'...

It is widely acknowledged in international business (IB) that the task of subsidiaries in multinational corporation (MNC) learning is to adapt, create and diffuse new knowledge. Departing from the common focus on the subsidiary's assigned mandate, this study takes a problemistic search...

This chapter of a collective book aims at presenting the basics of decision making under risk. We first define notions of risk and increasing risk and recall definitions and classifications (that are valid independently of any representation) of behavior under risk. We then review the classical...

In this chapter, we adopt the decision theoretic approach to the representation and updating of beliefs. We take up this issue and propose a reconsideration of Hammond's argument. After reviewing the argument more formally, we propose a weaker notion of dynamic consistency. We observe that this...

This paper explores risk-sharing and equilibrium in a general equilibrium set-up wherein agents are non-additive expected utility maximizers. We show that when agents have the same convex capacity, the set of Pareto-optima is independent of it and identical to the set of optima of an economy in...

We report in this paper the result of three experiments on risk, ambiguity and time attitude. The first two differed by the population considered (students vs general population) while the third one used a different protocol and concerned students and portfolio managers. We find quite a lot of...

We review recent advances in the field of decision making under uncertainty or ambiguity.

We argue, in the spirit of some of Jean-Yves Jaffray's work, that explicitly incorporating the information, however imprecise, available to the decision marker is relevant, feasible and fruitful. In particular, we show that it can lead us to know whether the decision maker has wrong beliefs and...