Tag: Biases

  • The Ellsberg Paradox

    In decision theory and economics, ambiguity aversion (also known as uncertainty aversion) is a preference for known risks over unknown risks. An ambiguity-averse individual would rather choose an alternative where the probability distribution of the outcomes is known over one where the probabilities are unknown. This behaviour was first introduced through the Ellsberg paradox (people prefer to bet on the outcome of an…

  • The Labour Illusion Effect

    The Labour Illusion Effect says that users trust and value results more when the results are shown to them after a delay as the website loaded results (even if the delay is fake). They can be a visualise thing, verbal, a sound or anything that you supposed they are working now in front of user, like…