Provide an explanation of aversion to ambiguity,

This bias results when investors shy away from the unknown. For example, consider the following choice. An investor gets $1,000 for sure, or they can draw a ball out of a big bin containing 100 balls. If the ball is blue, they win $2,000. If it is red, they win nothing. When investors are told that there are 50 blue balls and 50 red balls in the bin, about 40 percent choose to draw a ball. When they are told nothing about how many balls in the bin are blue, most choose to take the $1,000-ignoring the possibility that the odds might really be in their favor. That is, there could be more than 50 blue balls in the bin.