On The Quantitative Definition of Risk |
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| Authors: | Stanley Kaplan B John Garrick |
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| Institution: | Kaplan &Associates, Inc., 17840 Skypark Blvd. Irvine, CA 92714.;Pickard, Lowe and Garrick, Inc. |
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| Abstract: | 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". |
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| Keywords: | risk uncertainty probability Baye's theorem decision |
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