A decision making setting is said to be risky when the outcome of that decision is not known with certainty,and the possible outcomes associated with that decision,and their probability,are also not known before a decision is made.

Question

Quizplus · Accepted Answer

In a risky decision-making setting, the outcome of the decision is not known with certainty, but the possible outcomes and their probabilities are known.

A Decision Making Setting Is Said to Be Risky When