Risk and uncertainty in philosophy, science and management

Uncertainty and risk are viewed as interdisciplinary phenomena. This calls for philosophicaltreatment of results provided by the sciences. The paper reflects the authors methodological positionof treating uncertainty and risk-related problems in the decision-making context. The method of decision-making in a situation of uncertainty largely depends on the kind of uncertainty faced by the agent.The author considers various types of uncertainty with a special focus on objective uncertainty andoffers a typology of uncertainties in decision-making tasks. Quantitative assessment of the probabilityof possible events allows to draw a fundamental distinction between situations of risk and situations ofuncertainty. A situation of risk is a kind of situation of uncertainty in which it is possible to estimatethe probability of decision implementation taking into account environmental influences, the actions ofpartners and adversaries, etc. In a situation of risk it is possible to make a quantitative assessment ofthe decisions consequences which cant be done in a situation of uncertainty, and this is the key factorin differentiating between risk and uncertainty. The description of this situation requires using of acomplex of notions: . Risk is a consequence of the decision andis always related to the agent who not only makes a choice but also estimates the probabilities of possibleevents and related losses. Risk is an integral indicator combining the assessment of both the probabilitiesof decision implementation and quantitative characteristics of the decisions consequences.

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