There are more things in heaven and earth, Horatio, than are dreamt of in your philosophy. Shakespeare teaches us in this Hamlet quote that reality is much more complex than our mental projections and understanding. Reality is fuzzier than we would care to think. Although introducing subjectivities to modeling seems to harm the'objectivity' for the purists, this objectivity is more of a deliberate ignorance of real life issues than a sound strategy for modeling. There is a myriad of ambiguities and uncertainties in the information we receive decode and signal which tends to limit the functionality of traditional methods that are based on crisp logic. For instance, while USD 500 premium means you will have to give USD 500 to purchase the policy, the opinion whether this premium is adequate for the insurer or not, and reasonable or too expensive for the consumer is quite subjective.

Shakespeare teaches us in this Hamlet quote that reality is much more complex than our mental projections and understanding. Reality is fuzzier than we would care to think. Although introducing subjectivities to modeling seems to harm the'objectivity' for the purists, this objectivity is more of a deliberate ignorance of real life issues than a sound strategy for modeling. There is a myriad of ambiguities and uncertainties in the information we receive decode and signal which tends to limit the functionality of traditional methods that are based on crisp logic. For instance, while USD 500 premium means you will have to give USD 500 to purchase the policy, the opinion whether this premium is adequate for the insurer or not, and reasonable or too expensive for the consumer is quite subjective. Fuzzy theory is developed to overcome this insufficiency by taking account of ambiguity in information.