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   Why is risk and uncertainty important in decision-making?

   • Decision-making in the presence of risk and uncertainties is always challenging. Decision makers would like to evaluate the risks prior to their decisions to understand the ranges of possible outcomes and the significances of unintended consequences.

   Decision Making Under Risk and Uncertainty | National Academies

   www.nationalacademies.org/our-work/decision-making-under-risk-and-uncertainty

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   What is uncertainty in decision-making?

   • Uncertainty often refers to aspects of decision-making which are not easily quantified. As Knight argued, there can be uncertainty regarding both the decision outcomes and the probabilities of the outcome occurrences. There can also be uncertainty about decision-maker’s preferences (March 1978).

   Risk and Uncertainty - SpringerLink

   link.springer.com/referenceworkentry/10.1057/978-1-349-94848-2_250-1

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   Is there a fixed formula for decision making under risk and uncertainty?

   • Most risks are embedded into socio-technical systems, thus is it advisable to be familiar with and use both normative and descriptive risk decision theories. There is no “fixed formula” for ideal decision making under risk and uncertainty. Decision making under conditions of uncertainty and risk is an every-day task.

   Decision-Making Under Risk: A Normative and Behavioral Perspective

   link.springer.com/chapter/10.1007/978-3-319-04486-6_3

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   Are decision-makers in the domain of risk or uncertainty?

   • Decision-makers are in the domain of risk, if their decision is known to lead to a certain outcome with certain probability, and they are in the realm of uncertainty, if the probabilities associated with the outcomes are either unknown or meaningless.

   Risk and Uncertainty - SpringerLink

   link.springer.com/referenceworkentry/10.1057/978-1-349-94848-2_250-1

   See all results for this question

2. lkruitwagen.github.io › files › DM_white_paperDECISION MAKING UNDER RISK & UNCERTAINTY - Lucas Kruitwagen

   lkruitwagen.github.io › files › DM_white_paper

   decision making manage risk and uncertainty dramatically differently. Is it useful or even possible to capture the widely varying approaches to risk and uncertainty in a single framework?

3. web.stanford.edu › group › sislDecisionMakingUnderUncertainty - Stanford University

   web.stanford.edu › group › sisl

   Printed and bound in the United States of America. Library of Congress Cataloging-in-Publication Data Kochenderfer, Mykel J., 1980– Decision making under uncertainty : theory and application / Mykel J. Kochenderfer ; with Christopher Amato, Girish Chowdhary, Jonathan P.

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5. www.nationalacademies.org › our-work › decisionDecision Making Under Risk and Uncertainty

   www.nationalacademies.org › our-work › decision

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   Decision-making in the presence of risk and uncertainties is always challenging. Decision makers would like to evaluate the risks prior to their decisions to understand the ranges of possible outcomes and the significances of unintended consequences.

6. jbusemey.pages.iu.edu › P648 › JohnsonBusemeyerWiREDecision making under risk and uncertainty - IU

   jbusemey.pages.iu.edu › P648 › JohnsonBusemeyerWiRE

   An important recent development in decision research is the advent of neuroscientific methods to better understand decision making under risk and uncertainty (see Ref 92, for a concise review and organizing framework; for more extensive summative treatment, see Refs 93,94).

   • File Size: 241KB

   • Page Count: 14

7. wires.onlinelibrary.wiley.com › doi › absDecision making under risk and uncertainty - Johnson - 2010 ...

   wires.onlinelibrary.wiley.com › doi › abs

   Apr 20, 2010 · Decision making is studied from a number of different theoretical approaches. Normative theories focus on how to make the best decisions by deriving algebraic representations of preference from idealized behavioral axioms.

   • Author: Joseph G. Johnson, Jerome R. Busemeyer

   • Publish Year: 1992

8. link.springer.com › referenceworkentry › 10Risk and Uncertainty - SpringerLink

   link.springer.com › referenceworkentry › 10

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   Jul 28, 2017 · Risk is the situation under which the decision outcomes and their probabilities of occurrences are known to the decision-maker, and uncertainty is the situation under which such information is not available to the decision-maker.

9. link.springer.com › chapter › 10Decision-Making Under Risk: A Normative and Behavioral ...

   link.springer.com › chapter › 10

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   This chapter introduces the theories of decision-making under uncertainty and risk of socio-technical systems. Following the historic development of the main conceptions of rationality, we start with expected utility theories and explain the rational choice (or normative) perspective.