Risk- How should we make decisions when all relevant alternatives, consequences, and probabilities are known? This world requires statistical thinking. The think you would find spread on internet. "Write the pros and cons, weigh them and decide". our world is not of that kind. Our world is of
Uncertainty- How should we make decisions when NOT all relevant alternatives, consequences, and probabilities are known? This world requires smart rule of thumb (heuristics) and intuition. You can't have statistical thinking while deciding your spuse or like that. We don't know all the probabilities.
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