On The Quantitative Definition of Risk

1981-03-01articleRisk Analysis3,099 citationsclosed

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Risk and Safety Analysis Decision-Making and Behavioral Economics Risk Perception and Management

Abstract

A quantitative definition of risk is suggested in terms of the idea of a “set of triplets”. The definition is extended to include uncertainty and completeness, and the use of Bayes' theorem is described in this connection. The definition is used to discuss the notions of “relative risk”, “relativity of risk”, and “acceptability of risk”.

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