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On The Quantitative Definition of Risk
Author(s) -
Kaplan Stanley,
Garrick B. John
Publication year - 1981
Publication title -
risk analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.972
H-Index - 130
eISSN - 1539-6924
pISSN - 0272-4332
DOI - 10.1111/j.1539-6924.1981.tb01350.x
Subject(s) - completeness (order theory) , bayes' theorem , risk assessment , set (abstract data type) , risk analysis (engineering) , connection (principal bundle) , theory of relativity , computer science , mathematics , mathematical economics , bayesian probability , statistics , medicine , theoretical physics , computer security , mathematical analysis , physics , geometry , programming language
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”.