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Concept · Foundations
Risk refers to situations where the probabilities of outcomes are known or estimable; uncertainty refers to situations where those probabilities themselves are unknown or contested.
Why it matters
The distinction matters because expected-value calculations work cleanly under risk but require additional tools (robustness, minimax, scenario analysis) under genuine uncertainty.
Where this shows up
Following the links will take you to the page where this term is introduced in context.
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