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Ambiguity bias
Description
A cognitive bias where decision making is affected by a lack of information, or "ambiguity". 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.
Ambiguity bias in business decision
An investor chooses a fund with a clear, though modest, track record over a new fund with potentially higher returns but less historical data, due to the uncertainty of the latter.
Ambiguity bias in personal life decision
You favour a known outcome over a potentially better but uncertain one, like choosing a familiar restaurant instead of trying a new one.