Before revision:  Implications for asset returns are derived in representative agent frameworks, in both Arrow-Debreu style economies and in sequential Radner-style economies .
After revision:  A motivating application is the extension of asset pricing theory to incorporate ambiguity about volatility and possibility. The paper provides some initial steps in this direction by deriving equilibrium relations for asset returns are derived in representative agent frameworks, in both Arrow-Debreu style economies and in sequential Radner-style economies .