Question

_______ is a situation in which a decision-maker has incomplete information about outcomes and does not have the ability to reasonably estimate outcomes that are not known.

Answer 1

Step-by-step explanation:

The situation described in the question is known as "Knightian uncertainty," named after economist Frank Knight, who first introduced the concept. Knightian uncertainty refers to a situation in which decision-makers lack sufficient information about the probability or outcome of an event and cannot make reasonable estimates. This is different from "risk," where probabilities and possible outcomes can be estimated or calculated based on available data.