What is Info-Gap Decision Theory?
Answer-1: Info-Gap Decision Theory — as described by its founder Ben-Haim (2001, 2006) — is a non-probabilistic decision theory designed expressly to provide a methodology for robust decision-making under conditions of severe uncertainty. It is important to take note that the key factor here is severe uncertainty. That is, “severe uncertainty” is Info-Gap’s overriding concern. This is brought out by the subtitles of both editions of the Info-Gap book (Ben-Haim, 2001, 2006). Indeed, every effort is made in these books (and in other publications) to put across the severity (depth, profundity, forbidding nature) of the uncertainty which Info-Gap takes on. Thus, to convey the daunting nature of the uncertainty it is usually summed up in the epithet “”Knightian Uncertainty”. In Ben-Haim’s (2007, p.2) own words: ” … Info-gap theory is useful precisely in those situations where our best models and data are highly uncertain, especially when the horizon of uncertainty is unknown. In contras
