

Cognitive bias: Ambiguity effect - mike_esspe
http://en.wikipedia.org/wiki/Ambiguity_effect

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dedward
Interesting psychologically - but given the example in the wikipedia article,
the effect at work here that causes us to choose Red rather than Black or
White, while not a better choice, as we may think it is due to the effect, is
also not a worse choice. Statistically the odds are the same - so from a game
theory point of view, the Red choice is just fine.

Someone with a psychological liking for gambling might actually take one of
the other two options precisely because the choice is ambiguous, and they
perceive it to be more of a gamble. "Hey.. the black or white ones COULD have
an almost 2/3 shot at winning... so they'll focus on that and take those just
for the thrill." I wonder if any studies have been done to that effect?

