3 ms·
Level of risk = probability of the harmful event occurring, multiplied the severity of the harm. granted, the probability of comet-strike in your lifetime is
by SideburnsOfDoom 6y ago
Level of risk = probability of the harmful event occurring, multiplied the severity of the harm.
granted, the probability of comet-strike in your lifetime is low, but the severity is off the charts high.
- LudwigNagasena 6y agoThis definition of level of risk is relevant only when you have a von Neumann-Morgenstern utility function though.
- Dudeman112 6y agoWe should totally act as if we had a von Neumann-Morgenstern utility function though