Abstract
The essence of any decision is that it is made in an environment of incomplete information. The decision-maker cannot know all that is relevant to a particular decision. This lack of relevant information is due principally to three causes.
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Further reading
W. J. Baumol, Economic Theory and Operations Analysis, 3rd ed. (London: Prentice-Hall International, 1972) chap. 22.
A. Egerton, ‘Acceptable Risk’, in Uncertainty and Expectations in Economics, ed. C. F. Carter and J. L. Ford (Oxford: Blackwell, 1972) pp. 58–73.
H. Raiffa, Decision Theory (Reading, Mass.: Addison-Wesley, 1968).
J. Wiseman, ‘Cost and Decisions’. Paper presented at the Association of University Teachers of Economics, at York 1978 (forthcoming).
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© 1979 Julian Gough and Stephen Hill
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Gough, J., Hill, S. (1979). Uncertainty. In: Fundamentals of Managerial Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-16225-3_3
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DOI: https://doi.org/10.1007/978-1-349-16225-3_3
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