ABSTRACT
Despite its being very frequently used and with seemingly apparent confidence in its common understanding, surprisingly little effort is usually spent on properly defining the term uncertainty. This is in stark contrast to concepts like randomness or determinism, for which an undisputed common ground exists. This section, therefore, reviews key terminology. In particular, we will consider definitions for institutions, events, risk, ambiguity and uncertainty. Careful scrutiny of these terms will simplify the later analysis.
