Probabilistic aspects of risk management (Probabilistyczne aspekty zarz¹dzania ryzykiem)

Miros³aw Szreder ()
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Miros³aw Szreder: Uniwersytet Gdanski

Problemy Zarzadzania, 2015, vol. 13, issue 55, 47-55

Abstract: The author considers reasons for the applications of particular interpretations of probability in dynamic reality. He also justifies difficulties with the use of classical and frequency interpretations in many practical cases. Risk management may require appealing to experts' opinions and implementing the personal (subjective) interpretation of probability developed by T. Bayes and L. Savage. The last part of the paper discusses controversies raised by those interpretations, and presents ways of combining experts' evaluations of probability.

Keywords: probability; interpretation of probability; risk (search for similar items in EconPapers)
JEL-codes: C10 C11 (search for similar items in EconPapers)
Date: 2015
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