CHOICE OF UNCERTAINTY- APPLICATION OF RISK AND UNCERTAINTY FULL AND DETAILED EXPLANATION.

Risk Averse # Risk Neutral # Economics # Microeconomics # Marginal Revenue # Farmer's Payoff # Gambling # Detailed Explanation # Exam Preparation # New Concept # JNU # Numericals.

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Uncertainty refers to epistemic situations involving imperfect or unknown information. It applies to predictions of future events, to physical measurements that are already made, or to the unknown. Uncertainty arises in partially observable and/or stochastic environments, as well as due to ignorance, indolence, or both. It arises in any number of fields, including insurance, philosophy, physics, statistics, economics, finance, psychology, sociology, engineering, metrology, meteorology, ecology and information science.