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Subjective uncertainty is about the "unknown unknowns".
The challenge is figuring out the unknown unknowns.
And as for the unknown unknowns - well, who knows?
"We're on the same team — looking for the unknown unknowns".
Worse, in complex systems, are the unknown unknowns.
Then there were, in the memorable words of Donald Rumsfeld, the unknown unknowns.
Similar(6)
Mr Rumsfeld is the man who, in February 2002, used the phrase "unknown unknowns" to describe the main dangers in any possible confrontation with Iraq.
There's a summary of what we know, what we still don't know and the Rumsfeldian unknown unknowns.
The true "unknown unknowns" remain to be evaluated in future CASMI contests.
Then there is the problem of unknown unknowns: the event that may cause a major move in the market may be one that no one has even spotted.
And these are, as Donald Rumsfeld would have said, the known knowns ; including the known unknowns and unknown unknowns, the figures could be higher.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com