The reconceptualization of risk

Authored by: Terje Aven

Routledge Handbook of Risk Studies

Print publication date:  April  2016
Online publication date:  March  2016

Print ISBN: 9781138022867
eBook ISBN: 9781315776835
Adobe ISBN: 9781317691662

10.4324/9781315776835.ch5

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Abstract

Risk is defined in many ways (see, for example, Aven, 2012a). Many definitions are based on probability. Here are some examples:

Risk is a measure of the probability and severity of adverse effects (Lowrance, 1976).

Risk is the combination of probability and extent of consequences (Ale, 2002).

Risk is equal to the triplet (si, pi, ci), where si is the ith scenario, pi is the probability of that scenario, and ci is the consequence of the ith scenario, i = 1, 2, …N (Kaplan and Garrick, 1981).

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