Category: Hence Ambiguity

Aversion to Ambiguity

  People in general hate ambiguity and prefer any kind of risk that is not obscure, indeterminate, ambivalent. In other words, the well-specified possibilities are preferred over the uncertain possibilities – even if the well-specified gains are of lower values ​​than the uncertain ones. This bias is irrational and has a name: Ellsberg paradox. This […]