Risk, public perception, and education: Quantitative and qualitative risk

Abstract

A brief survey of the development of the study of risk and probability is given together with some basic observations on their application to insurance. This is followed with observations on the lack of appreciation of probability studies and an elementary feeling for probability by the public at large and a suggestion that the time is ripe for a new science museum involving basic economics and the exposition of the role of probability in finance.

Citation

Shubik, M. (2002), "Risk, public perception, and education: Quantitative and qualitative risk", Choi, J.J. and Powers, M.R. (Ed.) Global Risk Management: Financial, Operational, and Insurance Strategies (International Finance Review, Vol. 3), Emerald Group Publishing Limited, Leeds, pp. 7-13. https://doi.org/10.1016/S1569-3767(02)03004-2