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Decision-Making Under Uncertainty, Complexity, and Chaos
Abstract
The complex interdependence of modern world makes global governance both at micro and macro level very difficult. Almost all decisions of individuals, companies, governments and international institutions are taken under a great risk or uncertainty. The world is becoming more interconnected and complex.Numerous key systems incorporated in the life of humans exhibit diverse complexities. Markets compromised of various buyers and sellers all categorized in groups participating in mutual funds, economies with hierarchies of workers, departments, firms, and industries;, the internet with users, stations, servers, and websites. Each of these complex systems exhibits a distinctive property called “emergence” roughly described by a phrase “the whole is more than the sum of the actions of the parts. Decision making is not merely a science; there is a requisite for creative and individuality aspects of it to be examined. In the development of technologies, the human nature, psychological and sociological impacts of these technologies must be analysed in a holistic way.
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