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: ââ¬ÅIn 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 uncertaintyââ¬Â. This has also been well expressed by Zadehââ¬â¢s incompatibility principle. ââ¬ÅWhen 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.ââ¬Â (Some New Trends in Multiobjective Programming Problems Under Uncertainty , MK Luhandjula)
Last date updated on July, 2025