Managing uncertainty in decision making: What can we learn from economics?

Community member post by Siobhan Bourke and Emily Lancsar

Siobhan Bourke (biography)

How can researchers interested in complex societal and environmental problems best understand and deal with uncertainty, which is an inherent part of the world in which we live? Accidents happen, governments change, technological innovation occurs making some products and services obsolete, markets boom and inevitably go bust. How can uncertainty be managed when all possible outcomes of an action or decision cannot be known? In particular, are there lessons from the discipline of economics which have broader applicability? Continue reading