What is the meaning of the term “information-gap” in the framework of Info-Gap Decision Theory?
Answer-33: In the framework of Info-Gap decision theory, the term “information-gap” denotes the disparity (gap) between the estimate û and the true value of the parameter u. In plain language, it is the (unknown) “error” — due to uncertainty — in our estimate û. Of course, under severe uncertainty this error can be substantial. The flaw in Info-Gap’s robustness analysis is that it focuses exclusively on the neighborhood of the estimate.
