Therefore, decisions are made and actions are taken in anticipation of an uncertain future. Neither of these uncertainties is measurable. True uncertainty is incapable of quantification and insurability. Thus, it cannot be included in a model easily, without making subjective valuations of how economic participants respond to disappointing expectations about the future. In a world with true uncertainty, economic participants must remain more liquid in anticipation of disappointments down the road.
Segmentation is based on the assets' liquidity properties.
Each of these can be measured. All events are known and can be assigned weights or probabilities that sum to 1.0, such that a definitive and calculable outcome is possible. Such definitive and calculable outcomes are certain in the sense that they can be predicted with some measure of confidence. This type of uncertainty or risk is very often insurable against disappointment, e.g. life insurance, fire and theft insurance, etc. Predictability and insurability take the guess world out of decision-making.