New model separates risk and beliefs, revolutionizing decision-making under uncertainty.
The article introduces a model for making decisions when we're not sure about the outcome. It separates our preferences (like how much we like something) from our beliefs (what we think will happen). This helps us understand why we might be afraid of uncertainty. The model can also help us understand why people might avoid taking risks when betting. Overall, the model can help us better understand how people make choices when they don't have all the information.