From the course: Decision-Making Strategies
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Managing unpredictable outcomes
From the course: Decision-Making Strategies
Managing unpredictable outcomes
- The fourth state of ambiguity you might find yourself in is one with completely unpredictable outcomes. Let's look at a situation where I give you a card and it's the seven of clubs. And then I give you another card and it's the queen of diamonds. The next card is an UNO card. And then I give you a joker from a deck of cards. The next card I give you is a credit card, then a greeting card, then a baseball card, then a SIM card. It's not clear what the next outcome is going to be. You have no way to predict what the next card is that I'm going to give you. It's impossible. Even with a lot more information, you would be hard pressed to even construct a scenario where you would be able to figure out what that card is going to be. Let's imagine I said, "Hey, would you bet a hundred dollars on betting what that next card is?" Would you take that bet? What if I told you you could win a thousand dollars on that bet.…
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