Likely is to probability as unknown is to: ?
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When given a choice between two otherwise equivalent options - one in which the probability information is stated and another in which it is missing - most people avoid the option with missing probability information (Camerer & Weber, 1992). This robust, frequently replicated tendency is known as the ambiguity effect.
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When given a choice between two otherwise equivalent options - one in which the probability information is stated and another in which it is missing - most people avoid the option with missing probability information (Camerer & Weber, 1992). This robust, frequently replicated tendency is known as the ambiguity effect.
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