CEVAP:

The second decision making environment is decision making under uncertainty. In this environment, the decision maker can list all the states of nature that are possible in the decision problem but cannot assign any probability value to the specific state of nature that might happen. If you want to invest your money to different assets, and if the states of nature are given as “good economic conditions” and “bad economic conditions”, you cannot assign a probability value for facing with good economic conditions or bad economic conditions in decision making under uncertainty environment.