risk vs uncertainty, basically.
-
-
I really like your schema, but as I see it uncertainty falls under Understanding (iow stats is only part of U.)
-
Possibly there could be a nested hierarchy where uncertainty relates to "search wrt probabilities", however!
-
there are reasons to doubt that is coherent. Also, unclear why UUs would have "neg real option value", clarify?
-
Im assuming the US Mil's "payoff function" is concave. On avg, the unexpected harms them more than it helps..
-
..basically modeled as a short position in an option (that loses value when volatility increases.)
-
But how is that diff from UKs and KUs? W/ concavity any deviation away from full certainty creates option value
-
only in degree. U/K I interpret as textbook Frank Knight defintion of risk. K/U is uncertainty, but bounded.
End of conversation
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.