exists when
A)all possible outcomes are known but probabilities can't be assigned to the outcomes.
B)all possible outcomes are known and probabilities can be assigned to each.
C)all possible outcomes are known but only objective probabilities can be assigned to each.
D)future events can influence the payoffs but the decision maker has some control over their probabilities.
E)c and d

Question

Quizplus · Accepted Answer

Complete knowledge of all possible outcomes is called certainty, and if probabilities can be assigned to each possible outcome, it is called risk. Therefore, option B is the correct choice. Option A is called ignorance, option C is called objective probability, and option D is called ambiguity. Option E includes both objective probability and ambiguity, but option B is the best choice that matches the definition of certainty.

Exists When