Behavioral Science Dictionary

Ellsberg paradox

Choice, Risk & Value

People shun bets with unknown odds, breaking expected utility.

Want the full picture? See the deep, cross-linked entry in the Center for Behavioral Decisions dictionary — free for members.

Related terms

• Disjunction effect
• Disposition effect
• Distinction bias
• Diversification Heuristic
• Dread Risk
• Editing Of Prospects
• Endowment effect
• Evaluability Hypothesis
• Expected utility theory
• Extremeness Aversion
• Fourfold Pattern Of Risk Attitudes
• Framing effect

← All 979 terms