Firm heterogeneity, financial frictions and ambiguity
研究了模糊性（奈特不确定性）如何影响存在异质性主体的经济中的经济周期和不平等，发现模糊性提高了市场准入的生产率门槛，扩大了企业家与工人之间的消费差距，但长期中导致更多资产积累和产出。
This paper studies the effects of ambiguity (Knightian uncertainty) on business cycles and inequality in an economy with heterogeneous agents. Ambiguity-averse entrepreneurs operate in a model with financial frictions and a market-wide source of ambiguous information. Entrepreneurs use a worst-case criterion to formulate expectations about the total factor productivity and are heterogeneous in terms of assets and productivity. Comparing our economy with one with the same fundamentals but without uncertainty, we find that ambiguity (i) increases the productivity threshold to access the market, (ii) does not alter the relative consumption gap between active and inactive entrepreneurs, and (iii) increases the consumption gap between entrepreneurs and workers . We also find that, in the long-run, an economy featuring ambiguity accumulates more assets and produces more. This is the consequence of the entrepreneurs' hedging strategy and the wage suppression caused by ambiguity.