Asked by

Yingying Huang
on Oct 31, 2024

verifed

Verified

If a decision maker can assign probabilities of occurrences to the states of nature, then the decision-making environment is Decision Making under Uncertainty.

Decision Making Under Uncertainty

The process of making choices in situations where the outcomes or consequences of actions are unknown or unpredictable.

  • Familiarize oneself with the variety of circumstances and measures pertaining to decision-making, involving certainty, risk, and uncertainty.
verifed

Verified Answer

JS
Jackson ShaferNov 02, 2024
Final Answer:
Get Full Answer