People often confuse risk with uncertainty. But the terms "risk" and "uncertainty" do not refer to the same thing.
The prospect theory shows that people are often willing to make riskier decisions to avoid losses than to make gains - even when the situ...
Once you understand a system, you can change some risk into uncertainty. Sometimes you can do this completely, but other times you can limit your range of uncertainties to a calcul...
Uncertainty hides the risks of our decisions. This makes us tread very carefully. But, in reality, most of the decision terrain isn't nearly so dangerous. Things that l...
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