Most of us understand risk. It’s hard wired. Our prehistoric ancestors knew what the odds were when they chose to hunt in an area with a large Masterson population. They calculated that the nutritional bounty was worth the risk of being eaten by a lion. What about uncertainty, though? Uncertainty is like risk without knowing what the odds are. Humans have not evolved to deal with this.

What if we go ahead and cover the the risks we can calculate (i.e. Buy insurance). For uncertainty we might just have to go with our gut. Either way, we can’t just punt. But it helps to know the difference.