Endogenous indeterminacy and volatility of asset prices under ambiguity
研究发现，当投资者厌恶模糊性并投资于生产性资产时，资产价格在投资启动后的市场中可能表现出不确定性，且这种不确定性仅在特定的总供给水平下出现，从而解释了资产价格为何对供给微小变化产生剧烈波动。
If agents are ambiguity-averse and can invest in productive assets, asset prices can robustly exhibit indeterminacy in the markets that open after the productive investment has been launched. For indeterminacy to occur, the aggregate supply of goods must appear in precise configurations but the investment levels that generate these supplies arise systematically. That indeterminacy arises only at a knife-edge set of aggregate supplies allows for a simple explanation of the volatility of asset prices: small changes in supplies necessarily lead to a big price response.