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Ambiguity aversion is a concept from behavioral economics that describes the tendency of individuals to prefer known risks over unknown risks. In other words, when faced with choices that involve uncertainty, people often prefer options where they have clear probabilities (known risks) rather than options where probabilities are uncertain or undefined (unknown risks).

Ancestors (6)

  1. Expected utility
  2. Applied probability
  3. Applied mathematics
  4. Fields of mathematics
  5. Mathematics
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