I would also endorse Rizzo's critique of attempts to use objective probability theory as a way of reducing the real world of uncertainty to certainty equivalents.

In uncertain situations, individuals favor less risky projects, other things being the same. in general, the costs and benefits of uncertain projects must be converted to certainty equivalents.

The economic decisions that are taken by users require an evaluation of the ability of an enterprise to generate cash and cash equivalents and the timing and certainty of their generation.