Note that ambiguity aversion becomes risk aversion with repetition. Suppose the tennis players are going to play a set of five matches and you must place all five bets before seeing any match. The expected values are still same, but the payoff pdf curves are quite different.
Note that ambiguity aversion becomes risk aversion with repetition. Suppose the tennis players are going to play a set of five matches and you must place all five bets before seeing any match. The expected values are still same, but the payoff pdf curves are quite different.