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- This property, which gives a zero expected value of including uncertainty, is called certainty equivalence.
- This result, known as " certainty equivalence ", drastically reduces the computational burden on a representative decision maker.
- There is no certainty equivalence as in the older literature, because the coefficients of the control variables that is, the returns received by the chosen shares of assets are stochastic.
- He also worked on uncertainty theory, notably the theory of " first order certainty equivalence " ( 1969 ) and the relationship between individual risks and social risks ( 1972, 1973 ).
- Any deviation from the above assumptions a nonlinear state equation, a non-quadratic objective function, noise in the multiplicative parameters of the model, or decentralization of control causes the certainty equivalence property not to hold.