Concept information
Preferred term
certainty equivalent
Definition
- When examining the potential outcomes a given event may hold, a person is likely to approximate the probability of each possible result. Taken into consideration by the individual is the degree to which any of these outcomes may be certain. [Source: Encyclopedia of Medical Decision Making; Certainty Equivalent]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/certainty_equivalent
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