Lecture

Understanding Risk and Uncertainty

In course

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Description

This lecture delves into the concepts of risk and uncertainty, using examples like lotteries and borrowing money to illustrate how individuals make decisions under different scenarios. The instructor explains the importance of subjective probabilities in decision-making, sensitivity analysis in evaluating project profitability, and the role of the precautionary principle in environmental decision-making.

Instructor

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Official source

https://mediaspace.epfl.ch/media/0_2qvk7ba1

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Ontological neighbourhood

Economics

Microeconomics: Financial economics

Business

Business administration: Risk management

Mathematics

Probability theory: Topics in probability theory

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