Aleatoric uncertainty
Definition: Variability in outcomes due to unknowable or inherently random factors. The stochastic component of outcome uncertainty that cannot be reduced through additional sources of information. For example, when flipping a coin, uncertainty about whether it will land on heads or tails.
Related terms: Epistemic uncertainty, Knightian uncertainty
Reference:
- Der Kiureghian and Ditlevsen (2009)
Originally drafted by: Bradley Baker
Reviewed by: Nihan Albayrak-Aydemir, Brett Gall, Magdalena Grose-Hodge, Bethan Iley, Charlotte R. Pennington