Measurements of Ambiguity Aversion
Ambiguity aversion is a person’s rational attitude towards the probability of future outcomes, both unfavorable and favorable. People who are “ambiguity averse” will increase the probability of the unfavorable prospect. Ambiguity aversion has been widely observed in individuals judgments, especially when it comes to pairs of individuals. There are both risky and cautious shifts that can take place between individuals’ original judgements and current judgments and ambiguity aversion investigates those reasons.
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Famous quotes containing the words ambiguity and/or aversion:
“There is no greater impediment to the advancement of knowledge than the ambiguity of words.”
—Thomas Reid (1710–1769)
“Our aversion to lying is commonly a secret ambition to make what we say considerable, and have every word received with a religious respect.”
—François, Duc De La Rochefoucauld (1613–1680)