5. In their book Radical Uncertainty: Decision-making from an unknow- able future (2020, The Bridge Street Press, p15), John Kay and Mervy King write "... Keynes and Knight lost the battle to put radical uncertainty at the heart of economic analysis . . . Most economists today pay - at best - lip service to the difference between risk and uncertainty. The problem of radical un- certainty has supposedly been tamed by probabilistic reasoning. That belief has infected other areas of social science, including statistics, sociology and psychology, and even the law. " (a) Explain why the subjective expected utility model discussed in lectures makes it impossible to distinguish between a setting involving risk (where the probability law is known) and one in which there is no a priori reason to believe the decision maker should act as if she knows the probability law governing the realization of the uncertainty she faces. (b) Discuss and explain what you see as the strengths and weaknesses in employing the subjective expected utility model from part (a) to analyze envi- ronments involving radical uncertainty such as the financial crisis of 2007-8 and climate change