Repeat step 3. 5. Make a decision and act on it. When the economically justifiable amount of uncertainty has been removed, decision makers face a risk-versus-return decision. Any remaining uncertainty is part of this choice. To optimize this decision, the risk aversion of the decision maker can be quantified. An optimum choice can be calculated even in situations where there are enormous combinations of possible strategies. We will build on these methods further with a discussion about quantifying risk aversion and other preferences and attitudes of decision makers. This and all of the
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