Question: How is decision making with uncertainty different than decision making with risk? With risk, you estimate the probability of the various states of nature With

How is decision making with uncertainty different

How is decision making with uncertainty different than decision making with risk? With risk, you estimate the probability of the various states of nature With risk, you estimate the probability of the various decision alternatives With uncertainty, you estimate the probability of the various states of nature With uncertainty, you estimate the probability of the various decision alternatives

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