Term

Uncertainty

In Gigerenzer's book, a situation where you can't list all the outcomes and their chances in advance. The opposite of a risk you can calculate.

Risk Savvy: How to Make Good Decisions, Gerd Gigerenzer

Explained in

• Risk Savvy: How to Make Good Decisions, Gerd Gigerenzer
• The Signal and the Noise: Why So Many Predictions Fail, but Some Don't, Nate Silver

  In Knight's sense: a situation where you cannot even estimate the probabilities, because the rules of the game are unknown. Unlike risk, it cannot be calculated.

All terms