Failure to know anything that may be relevant for an economic decision, such as future variables, details of a technology, or sales. In models, uncertainty usually appears as a random variable and corresponding probability density function. But in practice, most international models, especially of trade, assume certainty.
Browse by Subjects
See All Related Terms »
Personal inflation rate
American Psychological Association (APA):
Chicago Manual of Style (CMS):
Modern Language Association (MLA):