Social Sciences, asked by SiddhantSinha9870, 1 year ago

Difference between decision under certainty and decion under uncertainty

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Answered by smartykiller
2
Typically, this means that there is only one outcome for each alternative. In decision making under uncertainty,decision makers have no information at all about the various outcomes. ... In decision making under risk, decisionmakers have some knowledge regarding the probability of occurrenceof each outcome.

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