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States of the world

The possible future outcomes for an economy with uncertainty. Viewed from today the economic situation tomorrow (or at any time in the future) is uncertain. A state of the world is a complete summary of one possible economic situation tomorrow. The full set of states of the world includes every possible future situation. It is usually assumed that an individual economic agent knows the set of possible states, but does not know which will arise.

Reference: Oxford Press Dictonary of Economics, 5th edt.