Cognitive bias

Ambiguity aversion

Also known as: Ellsberg paradox
Fairly common#64 of 131 by how common ← All cognitive biases
Dobelli #80

What it is

Preferring a known risk over an unknown one, even when the unknown one might be better.

Example Choosing an urn with a known 50% chance of winning over one with an unknown mix.

Related

Appears in

References

More in “Deciding and acting: incentives, loss and commitment”