When the data point clearly to a probability either in excess of 10 percent or less than 10 percent, then we are in a world of Knightian risk in which the decision can be based on expected utility maximization.
Source: wiktionary
Knightian
Synonyms for "knightian"
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In addition, it is hard currently to assign probabilities to these scenarios. This is something economists refer to as Knightian uncertainty.
Source: wiktionary
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