Ellsberg paradox

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Notion

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Beliefs and thought

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What Wikipedia says

In decision theory, the Ellsberg paradox (or Ellsberg's paradox) is a paradox in which people's decisions are inconsistent with subjective expected utility theory. John Maynard Keynes published a version of the paradox in 1921.

Excerpt from the Wikipedia article “Ellsberg paradox”, under the CC BY-SA 4.0 license. Read the article on Wikipedia

Image: Jacob Appelbaum. cropped by MachoCarioca, CC BY-SA 3.0, via Wikimedia Commons.