Many non trivial real life decision problems are hardly modeled in deterministic terms because of uncertainty or incompleteness of related information. In this connection the British Economist Shackle was saying: âIn a predestinate world, decision would be illusory; in a world of prefect foreknowledge, empty; in a world without order, powerless. Our intuitive attitude to life implies non-illusory, non-empty, non-powerless decision ... Since decision in this sense excludes both perfect foresight and anarchy in nature, it must be defined as choice in face of bounded uncertaintyâ. This has also been well expressed by Zadehâs incompatibility principle. âWhen the complexity of a system increases our ability to formulate precise and yet meaningful statements decreases up to a threshold beyond which precision and significance become mutually exclusive characteristics.â (Some New Trends in Multiobjective Programming Problems Under Uncertainty , MK Luhandjula)
Last date updated on July, 2014
