To define risk, one has to define situations likeloss,catastropheorundesirable outcome. Risk can be expressed in terms of financial loss, suffering, risk of dying etc. This definition makes clear that riskcan only be valuated relative to a goal. If not mentioned otherwise in this paper, the ...
Funds for· this research were provided by the Department of Sociology and the Department of Agricultural Economics of the University of Illinois. Computer funds were provided by the Graduate Research Board of the University of Illinois. ·. ABSTRACT Based upon precise new measurement techniques ...