Possibility theory is a mathematical theory for dealing with certain types of uncertainty and is an alternative to probability theory. Professor Lotfi Zadeh first introduced possibility theory in 1978 as an extension of his theory of fuzzy sets and fuzzy logic. Didier Dubois and Henri Prade further contributed to its development. Earlier in the 50s, economist G.L.S. Shackle proposed the min/max algebra to describe degrees of potential surprise.
Read more about Possibility Theory: Formalization of Possibility, Necessity, Interpretation, Possibility Theory As An Imprecise Probability Theory, Necessity Logic
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