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Abstract:
The talk addresses the question of how uncertainty can be reduced. Uncertainty is a central question in economics and sociology, and it is in play in situations in which we cannot predict the outcomes of actions. The talk offers accounts of ways in which uncertainty can be reduced. Uncertainty can be reduced by taken-for-granted institutions, formal rules (formal institutions), and evaluations that are based on “objective” scales. In many cases institutionalization, formal rules, and objective evaluations are not in place, and even more importantly, are unlikely to ever be put into place. When uncertainty refers to states which are not institutionalized and which cannot be reduced to facts, formal rules, scientific “laws,” or standards, judgments are needed. The talk will present forms that produce judgments which reduce uncertainty. These forms reduce uncertainty, for example, in the areas of sports, the economy, and the arts.
