Risk and uncertainty are two of the most common terms used in probabilistic science often used synonymously. But on closer inspection a distinct difference can be observed between the two seemingly interchangeable terms.
Risk is when you know what the odds are in your favor or against you. Suppose you have a 60% chance of getting at home on time. This means there is a 40% risk of you getting late. So basically you know what you are dealing with rather than firing in dark.
Uncertainty is the sinister cousin of risk. You don’t know what you are against. When you say “It might rain today” you are spelling out your uncertainty or rather your ignorance regarding an event which may or may not be under control.
So, what would you rather do? Risk a job or be uncertain about it? Nature loves anarchy or randomness. Which means it is in favor of uncertainty rather than risk because it would make things predictable and nature is anything but predictable.
Humans on the other hand would rather risk things than be uncertain about them. Partly due to the thrill associated with risks and partly due to the urge to be in control which is more likely in case of risk even if the odds are heavily stacked against you. Even a terminal patient would like to know his survival odds even if they are 2%.
Of course, its not that you would be asked at each junction in your life whether you would like to go ahead with the current course of life or alter it in some way. But all the same the impression of being in control is sometimes as important as the actual authority we exert. Its just that you can’t have a 50% alive and 50% dead Schrödinger’s cat. Your cat is either alive or dead.
