Ambiguity effect
Cognitive bias / From Wikipedia, the free encyclopedia
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The ambiguity effect is a cognitive tendency where decision making is affected by a lack of information, or "ambiguity".[1] The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown. The effect was first described by Daniel Ellsberg in 1961.[2]
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