Decision making essay conclusion

A general criticism of decision theory based on a fixed universe of possibilities is that it considers the "known unknowns", not the " unknown unknowns " [ citation needed ] : it focuses on expected variations, not on unforeseen events, which some argue (as in black swan theory ) have outsized impact and must be considered – significant events may be "outside model". This line of argument, called the ludic fallacy , is that there are inevitable imperfections in modeling the real world by particular models, and that unquestioning reliance on models blinds one to their limits.

Decision making essay conclusion

decision making essay conclusion

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