Abstract
Discussions of decision making by individuals and organizations invariably touch on the issue of uncertainty. Decision theory axiomatizations are based on the assumption that uncertainty cannot be unlimited, but that there must exist a minimal interval of value stability. This note makes explicit that assumption for individual choice. For group and organizational decision making, a proof is presented which deduces a limit to uncertainty from the existence of deliberate social action.
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This note was stimulated by a dialogue with Robert P. Biller, who should share credit for its ideas, but not any blame for its flaws.
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Alexander, E.R. The limits of uncertainty: A note. Theor Decis 6, 363–370 (1975). https://doi.org/10.1007/BF00136203
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DOI: https://doi.org/10.1007/BF00136203