PHILOSOPHICAL AND MATHEMATICAL INVESTIGATION OF UNCERTAINTY AND RISK

Following the abandonment of the assumption of full knowledge by neoclassical economists, the notion of uncertainty is considered to be one of the determining factors in deciding to take a decision. In today's discourses of economists and in the media, the concepts of uncertainty and risk often come to the fore. Uncertainly as a fact of life, people are confronted in every aspect of life when they shower in the bathroom, while walking down the street or investing in financial instruments. While the concepts of uncertainty and risk are often used together by the society, they actually have different meanings. In this study, the concepts of uncertainty and risk will be defined and the difference between these concepts will be examined from a conceptual, philosophical and mathematical point of view. Differences between the concepts of uncertainty and risk will be revealed by using the literature