In this episode, we consider how engineers deal with ambiguity, uncertainty, and risk. Carmen would be willing to take a 50/50 shot at $1001 tomorrow over a certain $500 today. Most people are risk-averse when dealing with gains, and would take the sure money. According to the article “The Five Neglects: Risks Gone Amiss,” (Berger, … Continue reading Episode 44 — Ambiguity →