In a decision-making scenario, if it is not known which of the states of nature will occur and further if the probabilities of occurrence of the states are also unknown, the scenario is called decision-making under double risk.

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Quizplus · Accepted Answer

The scenario is called decision-making under uncertainty, not double risk. In decision-making under uncertainty, outcomes of decisions are not known and probabilities of their occurrences are also unknown.

In a Decision-Making Scenario, If It Is Not Known Which