Can anyone answer this about uncertainty?
Answers
Answer:
Although the terms are used in various ways among the general public, many specialists in decision theory, statistics and other quantitative fields have defined uncertainty, risk, and their measurement as:
Uncertainty
The lack of certainty, a state of limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome.[citation needed]
Measurement of uncertainty
A set of possible states or outcomes where probabilities are assigned to each possible state or outcome – this also includes the application of a probability density function to continuous variables.[2]
Second order uncertainty
In statistics and economics, second-order uncertainty is represented in probability density functions over (first-order) probabilities.[3][4].
Opinions in subjective logic [5] carry this type of uncertainty.
Risk
A state of uncertainty where some possible outcomes have an undesired effect or significant loss.
Measurement of risk
A set of measured uncertainties where some possible outcomes are losses, and the magnitudes of those losses – this also includes loss functions over continuous variables.[6][7][8][9]
Knightian uncertainty
In economics, in 1921 Frank Knight distinguished uncertainty from risk with uncertainty being lack of knowledge which is immeasurable and impossible to calculate; this is now referred to as