The high level of uncertainty is measurable.
Entrepreneurs are right to attempt to avoid the uncertainty.
In one chapter, Guenther focusses on the word “uncertainty” itself.
This is uncertainty layered on top of uncertainty.
Uncertainty about how long all this uncertainty will last.
Tyler’s clients report feeling lost amidst the uncertainty of what will happen next.
As many schools reopen, families are now faced with a new uncertainty and a need to adapt again.
In non-regimented usage, “risk” and “uncertainty” differ along the subjective—objective dimension.
Intolerance of uncertainty, which has been increasing in the US, makes people vulnerable to anxiety.
The second paper† suggests that traders face “Knightian uncertainty”, or risks that cannot be measured.
It takes considerable insight to recognise and come to terms with uncertainty and accept we cannot control everything in life.
Although probabilities reflect quantitative uncertainty at one level, there can also be qualitative uncertainty about probabilities.
It says that if there is no uncertainty whatsoever about the premises, then there cannot be any uncertainty about the conclusion either.
The standard view also tells us that you can have suspense with low stakes if there is great uncertainty, or with low uncertainty if there are high stakes.
If the state of the demon's own mind must now be included in the system, with uncertainty over which state the demon is in, that raises the question: “Whose uncertainty?”.
Both neo-classical models and behavioral economics capture uncertainty as probabilistic uncertainty, consequently ignoring Knightian uncertainty (Knight 1921 see also decision theory).
John Harsanyi, for instance, argued that all uncertainty about the structure of the game, that is all possible incompleteness in information, can be reduced to uncertainty about the payoffs (Harsanyi 1967–68).
First, however, we will look at formulations of the uncertainty principle that stay firmly within the minimal interpretation, and differ from (9) only by using measures of uncertainty other than the standard deviation.
“At the moment, faced with uncertainty – and until a scheme is announced, all we have is uncertainty - growers are starting to reduce their investment, reduce their future plans for production and, in increasing numbers, looking to farm overseas where they know they will get labour.”
McNamee explained that the ultimate goal of surveillance capitalists is to eliminate uncertainty in decision-making: “That has a superficial appeal, until you realize that agency and identity depend on uncertainty, because it is the choices we make in uncertainty that define who we are.”
- being unsettled or in doubt or dependent on chance
Example: the uncertainty of the outcome
- the state of being unsure of something
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