Risk and Risk Management

Mirela Iloiu
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Mirela Iloiu: University of Petroşani, Romania

Annals of the University of Petrosani, Economics, 2005, vol. 5, 165-168

Abstract: Risk exists whenever the future is unknown. This paper deals with the concepts of risk and uncertainty, risk attitudes and reaction to risk. It is explained the distinction between objective risk and subjective risk. Also, it presents risk attitudes and factors affecting them and the economic costs of risk: costs of unexpected losses and costs of uncertainty.

Keywords: risk; uncertainty; losses; gains; pervasiveness; risk attitudes; reaction to risk; costs of risk (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:pet:annals:v:5:y:2005:p:165-168

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