ambiguity aversion

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In decisions involving risk or uncertainty, a tendency to choose options for which the probabilities associated with the possible outcomes are known in preference to options for which the probabilities are unknown. The classic demonstration of this phenomenon is the Ellsberg paradox. Also called ambiguity avoidance or the ambiguity effect. [From Latin ambigere to waver, from ambi- both ways + agere to drive]

Subjects: Psychology.

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