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)
“When in a serious mood, it seems to me that those people are illogical who feel an aversion toward death. As far as I can see, life consists exclusively of horrors, unpleasantnesses and banalities, now merging, now alternating.”
—Anton Pavlovich Chekhov (1860–1904)