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<ns1:meme ns1:id="11" ns1:title="possibilistic theory" xmlns:ns1="http://www.memento.org"><ns1:author>Jaron Collis</ns1:author><ns1:memeContent><ns1:memenode><ns1:nodename>Core Concept</ns1:nodename><ns1:nodetext>A non-mathematical description of uncertainty, based on what is possible, rather than probabilities derived from samples.
Best used when it is impossible or impractical to accurately collect data.
Example: economic theories of Keynes.</ns1:nodetext><ns1:children><ns1:child>Belief</ns1:child></ns1:children></ns1:memenode><ns1:memenode><ns1:nodename>Belief</ns1:nodename><ns1:nodetext>Concepts expressed as degrees of belief rather than probabilities.
The conceptual basis of fuzzy logic.
Can be applied to decision-making: rules to reduce margin of uncertainty.
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