give two examples of decision-making under risk or uncertainly condition
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The optimist invents the airplane and the pessimist the parachute. Whenever the decision maker has some knowledge regarding the states of nature, he/she may be able to assign subjective probability for the occurrence of each state of nature. By doing so, the problem is then classified as decision making under risk.
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to take risk under some decision. like by without knowledge of weather forecast flying an aeroplane. 2.traveling by a train without the knowledge that where the train is gona stop. These are just approx examples...
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