...Nuno Silva Purpose The study aims to show that ambiguity aversion exerts a non-negligible effect on the investors' decisions, especially due to the possibility of sharp declines in stock prices. Design/methodology/approach The vast majority of previous studies on life-cycle consumption...

... by 10.1% more than individuals receiving static modules. Interestingly, we find no significant evidence of ambiguity aversion playing a role in the asset allocation decision. Originality/value We find that decision-making related to ambiguous and risky options can be substantially influenced...