By Geary Sikich
Fundamental uncertainties derive from our fragmentary understanding of risk and complex system dynamics and interdependencies. Abundant stochastic variation in risk parameters further exacerbates the ability to clearly assess uncertainties.
Uncertainty is not just a single dimension, but also surrounds the potential impacts of forces such as globalization and decentralization, effects of movements of global markets and trade regimes, and the effectiveness and utility of risk identification and control measures such as buffering, use of incentives, or strict regulatory approaches.
Such uncertainty underpins the arguments both of those exploiting risk, who demand evidence that exploitation causes harm before accepting limitations, and those avoiding risk, who seek to limit risk realization in the absence of clear indications of sustainability.
Continue reading here: Self Deception Modeling Unknown Unknowns Sikich Rev 0