What is an example of uncertainty in decision making?
Judgment uncertainty is more common in decision-making problems that are dealing with both financial and emotional factors. For example, product recommendation systems must solve judgment uncertainty before deciding on recommending a product to a consumer.
What is the decision making under uncertainty?
A decision problem, where a decision-maker is aware of various possible states of nature but has insufficient information to assign any probabilities of occurrence to them, is termed as decision-making under uncertainty.
What is an example of decision making under risk?
For example, if the two possible States of Nature are Rain and No Rain, then if you could determine that there is a 30% chance of rain, you would have added some important information that aids in decision making.
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