Certainty(redirected from Certainty equivalent)
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a term used in probability theory, logic, epistemology, and law (theory of legal proof). In philosophical and logical-methodological investigations it is most frequently used to characterize knowledge that is valid, conclusive, or indisputable and also as a synonym for truth. In experimental natural science the term “certainty” frequently designates events and judgments that are regarded as empirically confirmed by special experiments or, more broadly, by the social and productive practice of men.
The term acquires a somewhat specialized meaning in probability theory. In so-called subjective, or personal, probability, certainty is most frequently interpreted as a concept reflecting the subject’s confidence in the correctness of his evaluation of the probability that a particular event will occur. From this point of view certainty also expresses the extent of a given individual’s knowledge about the conditions and factors contributing to or counteracting the occurrence of events. In this sense, with the exception of extremely idealized or oversimplified cases, certainty includes a considerable element of uncertainty, inasmuch as exhaustive knowledge about such conditions and factors is practically unobtainable.
A. I. RAKITOV