MLchartDataset catalogue

Certainty effect

Term · Law · MLC-T-LAW-000902

A cognitive bias where individuals tend to prefer outcomes that are certain over outcomes that are merely probable, even if the probable outcomes have a higher expected value. This phenomenon influences decision-making, particularly in situations involving risk and uncertainty, such as legal settlements or investment choices. It suggests a disproportionate weighting of certain outcomes.

Table 1. Record
IdentifierMLC-T-LAW-000902
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-000902",
  "term": "Certainty effect",
  "field": "Law",
  "definition": "A cognitive bias where individuals tend to prefer outcomes that are certain over outcomes that are merely probable, even if the probable outcomes have a higher expected value. This phenomenon influences decision-making, particularly in situations involving risk and uncertainty, such as legal settlements or investment choices. It suggests a disproportionate weighting of certain outcomes.",
  "url": "https://mlchart.com/terminology/law/certainty-effect/"
}

Record 714 of 5,445 in Law terminology (MLC-0107). Request the full dataset.