Charakterystyka pojęcia ryzyko w globalnej gospodarce
Risk in global economy

Summary/Abstract: Risk is a part of our life, we cannot avoid it. There are different definitions of risk, for example: a combination of the likelihood of an occurrence of a hazardous event or exposure(s) and the severity of injury or ill health that can be caused by an event or exposure(s). Economic risks can be manifested in lower incomes or higher expenditures than expected. There can be a lot of causes of it, for instance, the hike in the price for raw materials, lapsing of deadlines for construction of a new operating facility, disruptions in a production process, emergence of a serious competitor on the market, the loss of key personnel, the change of a political regime or natural disasters. Reference class forecasting was developed to eliminate or reduce economic risk. In the seminal work Risk, Uncertainty, and Profit, Frank Knight (1921) established the distinction between risk and uncertainty. Uncertainty − the lack of complete certainty, that is the existence of more than one possibility. The "true" outcome/state/result/value is not known. Risk – a state of uncertainty where some of the possibilities involve a loss, catastrophe or other undesirable outcome.

• Details
• Contents