On The Method of Discrete Probability Distributions in Risk and Reliability Calculations–Application to Seismic Risk Assessment

Stanley Kaplan

Risk Analysis, 1981, vol. 1, issue 3, 189-196

Abstract: If the point of view is adopted that in calculations of real‐world phenomena we almost invariably have significant uncertainty in the numerical values of our parameters, then, in these calculations, numerical quantities should be replaced by probability distributions and mathematical operations between these quantities should be replaced by analogous operations between probability distributions. Also, practical calculations one way or another always require discretization or truncation. Combining these two thoughts leads to a numerical approach to probabilistic calculations having great simplicity, power, and elegance. The philosophy and technique of this approach is described, some pitfalls are pointed out, and an application to seismic risk assessment is outlined.

Date: 1981
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https://doi.org/10.1111/j.1539-6924.1981.tb01415.x

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Persistent link: https://EconPapers.repec.org/RePEc:wly:riskan:v:1:y:1981:i:3:p:189-196

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