The Ambiguity Effect is a phenomenon in which people tend to prefer known risks over unknown risks. This effect is often seen in decision-making, where people are more likely to choose an option with a known outcome rather than an option with an uncertain outcome. This effect can have a
From Wikipedia
The ambiguity effect is a cognitive tendency where decision making is affected by a lack of information, or "ambiguity". The effect implies that people tend to select options for which the probability of a favorable outcome is known, over an option for which the probability of a favorable outcome is unknown. The effect was first described by Daniel Ellsberg in 1961.