Example: Linear Programming Context
Some Traditional* Approaches Approach 1: guessing the future • identify ̄ ω ∈ Ω as the “best estimate” of the future • minimize over x ∈ S : c 0 ( x , ̄ ω ) subject to c i ( x , ̄ ω ) ≤ 0 , i = 1 ,..., m pro/con: simple and attractive, but dangerous—no hedging *Here "traditional" doesn't mean "white supremacist"