Risk, Uncertainty, and Contingency

Andrew M. Yuengert

Chapter Chapter 5 in Approximating Prudence, 2012, pp 69-94 from Palgrave Macmillan

Abstract: Abstract We moderns, living in developed countries, face fewer risks than human beings in previous centuries, but even so we have not eliminated the challenges of luck, chance, and contingency. Both Aristotle and Aquinas lived in a world in which well-planned projects go hopelessly awry because of events that could not have been anticipated, in which what were good choices in the past turn out to be terrible choices in the present, and in which a person’s control over even his own behavior is incomplete and chance-like. In spite of our modern, highly controlled physical environment, we live in that same world.

Keywords: Decision Maker; CONT INGENCY; Small World; Practical Wisdom; Expected Utility Theory (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pfschp:978-1-137-06317-5_5

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DOI: 10.1057/9781137063175_5

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