Ask Question
17 February, 15:52

A preference for known risks over unknown risks is best described as follows

+1
Answers (1)
  1. 17 February, 19:03
    0
    Answer: Ambiguity aversion

    Explanation:

    In economics and decision theory in general, ambiguity aversion refers to the preference for known risks over unknown risks. This means that in a scenario in which there's an option in which probable outcomes are unknown, people would rather choose an option in which probable outcomes are known.

    No to be confused with risk aversion, which only applies to situations where each probable outcome can be established.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A preference for known risks over unknown risks is best described as follows ...” in 📘 Social Studies if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers