Certainty effect
The reduction of the probability of an outcome by a constant factor has more impact when the outcome was initially certain than when it was merely probable (e.g.
Allais paradox
).
See also:
Allais paradox
Literature:
Tversky & Kahneman (1981)
Entry by:
Susanne Haberstroh
November 10, 1997
Direct questions and comments to
:
Glossary master
