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ABSTRACTUnderstanding the level of control one has over risk is important in the context of financial decisionmaking associated with new offshore wind farm projects. Effective risk management requires a new model to adequately address systemic risk, which is important for two reasons. First, if systemic risk, which impacts across all turbines, is ignored then overall farm performance will be over-estimated. Second, the epistemic uncertainty associated with systemic risk reduces as we learn from relevant data and information gathered from, for example, relevant testing.We have developed a novel availability growth model that takes into account the sources of systemic risk to provide a more accurate estimation of farm performance over early life. Our model focuses on early operating life because the impact of systemic risk is more prevalent when teething problems arise and are resolved through remedial actions at the price of additional investment. Our model can be used to understand the scale of uncertainties involved in wind farm development and, thus, inform decisions to grow availability and buy-down risk. The model captures the specific effect of epistemic issues on the wind farm subassemblies, as well as their aggregated effect on overall farm performance. Our model has a general structure that can be adjusted to reflect a particular application. This paper explains how we have designed and implemented a structured expert judgment elicitation process to identify key uncertainties for a particular offshore wind farm context and to quantify model parameters associated with epistemic uncertainties.We overview our contextual model to set the scene before describing the mathematical approach to modelling the epistemic uncertainties. We explain our general protocol of expert judgment elicitation, which involves a qu...