#Decision theory vs #probabality theory

A general criticism of decision theory based on a fixed universe of possibilities is that it considers the ” KNOWN UNKNOWNS” , It focuses on expected variations , not on unforeseen events.

It is summarised as ” the misuse of games ” to model real life situations.

” Basing  studies of chance on the narrow world of games &dice”

Predictive models are based on platonified forms,gravitating towards mathematical purity& failing to take some key ideas into account.

to state an example  mathematical notions in chaos theory to further state butterfly effect.

 

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