Describe if WEPs or fixed points are the better way to accurately express probability and the clearest way to communicate that probability to a decision-maker?
Friedman and Zeckhauser argue that words of estimative probability (WEPs) are too vague because they exist as a range of probability. They also argue that a range of probability implies a fixed point and that analysts should use a fixed point from that range. But if all fixed points are the averages of a range … Read more