Defining risk

in Risk

Published in print May 2011 | ISBN: 9780199576203
Published online September 2013 | e-ISBN: 9780191777714 | DOI:

Series: Very Short Introductions

Defining risk

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  • Business and Management
  • Economics
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‘Defining Risk’ looks at how risks can be specified so we can make choices about them. Effectively defining risk is essential to improving outcomes, but it can lead to a lack of moral feeling or sympathy. Defining risk can be relatively easy for a phenomenon that is easily measured, for example death tolls, but for more complex subjects, such as environmental damage, a range of risk factors must be combined to gain a full picture of the situation. The information gleaned from these definitions must then be converted into an actionable, real-world choice.

Keywords: certainty equivalent; cost-benefit analysis; discounting; equity; fairness; global warming; insurance; loss; poverty; power; risk

Chapter.  5474 words.  Illustrated.

Subjects: Business and Management ; Economics ; Research and Information

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