Risk aversion entails preferring certainty over known probabilities, commonly seen in decisions involving well$-$defined risks like financial investments. In contrast, uncertainty aversion involves discomfort with ambiguity and a desire for clarity in situations with unknown or difficult$-$to$-$estimate probabilities. While risk aversion focuses on minimizing variability in outcomes, uncertainty aversion seeks to reduce ambiguity by acquiring more information. Both concepts are essential for navigating decision$-$making under uncertainty, each addressing distinct dimensions of risk perception and influencing behavior accordingly.

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