Chapter 10 | Ambiguity Aversion bias

Question 1

Pinipili sa may chance or obvious
Favor to known thing over the unknown

When it comes to investment iniisip yung problem kesa sa possible benefits

Answer 1

Ambiguity Aversion Bias

Question 2

exists because we dislike uncertain situations. When presented with the unknown we’ll often spend more time thinking about potential drawbacks than potential benefits, leading us to avoid _________

Answer 2

Ambiguity Aversion
Ambiguous Options

Question 3

It might also pay to be more ________. Researchers have found that ________ are less ambiguity averse than pessimistic people, perhaps because they’re better at considering the benefits of unknown situations.

Answer 3

Optimistic
Highly Optimistic People

Question 4

Better at considering the benefits of unknown situations

Answer 4

Highly optimistic people

Question 5

is the tendency to favor the known thing over the unknown, including known risk over unknown risk.

Answer 5

Ambiguity Aversion Bias or Uncertainty Aversion Bias

Question 6

person displaying __________ would favor taking the highway, even though it’s a tough drive and there’s a chance the unknown route could be better.

Answer 6

ambiguity aversion

Question 7

Ambiguity aversion can be summed up by the phrase

Answer 7

“well, at least this way, I know what’s going to happen.”

Question 8

Other term for Ambiguity Aversion Bias

Answer 8

Uncertainty Aversion Bias