Imagine a game where you pick a red or green ball out of a bucket. If you pick red, you win $100. Which bucket would you rather choose? Bucket A with exactly 50 red balls and 50 green balls. Bucket B with 100 red or green balls, with unknown distribution.
Risk vs. Uncertainty
Risk vs. Uncertainty
Risk vs. Uncertainty
Imagine a game where you pick a red or green ball out of a bucket. If you pick red, you win $100. Which bucket would you rather choose? Bucket A with exactly 50 red balls and 50 green balls. Bucket B with 100 red or green balls, with unknown distribution.