An Alternative to Defining Risk as Uncertainty

Head, George

doi:10.2307/251319

Cited by 25 publications

(17 citation statements)

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“…Bounded rationality -that our attempts to act entirely rationally are constrained; for example, by incomplete information, by limits in our cognitive capacity, or the time available to make a decision (March and Simon, 1958); and the fallacy of rational decision making . Here uncertainty is viewed as a perceptive phenomenonexisting in the mind of the one who doubts (Head, 1967), resulting in individuals with different psychological profiles identifying and interpreting uncertainty in quite different ways (Madsen and Pries-Heje, 2009). …”

Section: Determinants Of Project Uncertaintymentioning

confidence: 99%

“…There are relatively few studies in this school, perhaps due to the multi-faceted nature of "project uncertainty"; its many sources and forms (Ward and Chapman, 2003) and the subsequent Milliken (1987) Uncertainty exists "in the mind of the person who doubts" Head (1967) Bounded rationality and Fallacy of rational decision making March and Simon (1958); Kahneman and Tversky (1982) Different psychological profiles perceive uncertainty in different ways …”

Section: Approaches To the Management Of Uncertaintymentioning

confidence: 99%

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Conceptualising uncertainty in safety-critical projects: A practitioner perspective

Saunders

Gale

Sherry

2015

International Journal of Project Management

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Section: Determinants Of Project Uncertaintymentioning

confidence: 99%

Section: Approaches To the Management Of Uncertaintymentioning

confidence: 99%

Conceptualising uncertainty in safety-critical projects: A practitioner perspective

Saunders

Gale

Sherry

2015

International Journal of Project Management

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“…This complexity can be caused by investors' inability to always fully understand what is meant by risk. Risk is defined as an event occurring with an uncertain outcome (Head, 1967). Researchers such as Blume (1971) argue that the disagreement of the definition of risk exists based on what risk is and how risk is supposed to be measured.…”

Section: Introductionmentioning

confidence: 99%

Is Financial Risk Tolerance Influenced by Personality Traits?

Ferreira¹

2019

Proceedings of the 12th Economics &Amp; Finance Conference, Dubrovnik

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Financial risk tolerance refers to the degree of uncertainty an investor is willing to accept, and can often be influenced by individual characteristics. However, personal psychological preferences play a prominent role in an investor's judgement and relationship with their finances. Limited research has been done on investors to see whether their type of personality will influence the level of risk they are willing to tolerate and ultimately the performance of their asset portfolios. Therefore, this article aids toward the contribution in understanding how personality traits can influence financial decision-making. The secondary data for this article was purposefully collected by an investment company using a quantitative questionnaire, which was electronically distributed to 600 investors within the South African market. The results of this study indicated that different personalities prefer different levels of risk. Individuals who are more open to experience, indicated a significant difference in risk tolerance levels compared to other personality types. The results for this article were comparable to previous research where only some of the personality traits play a role in investment decisions.

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“…(Kasim, 2012;Noor, 2009) 8 While it is correct to point out that insurance and wagering share the common 5 Risk in the science of insurance is generally defined as "uncertainty concerning the occurrence of a loss". (Rajda, 1989;Head, 1967;Crowe and Horn, 1967) 6 E.R.Hardy Ivamy was a professor of law at the University of London. 7 John Birds is currently a professor of commercial law at the University of Sheffield.…”

Section: An Analysis On the Elements Of Qimar In Insurancementioning

confidence: 99%

The Elements of Qimar ( Wagering ) and Gharar ( Uncertainty ) in the Contract of Insurance Revisited

Abdullah¹

2013

JIEBF

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There is no doubt and no disagreement whatsoever as far as the prohibition of the elements of qimar or maysir (gambling or wagering) and gharar (uncertainty) in a contractual agreement between the contracting parties according to the Islamic law of business muamalat. The questions though, do these elements really exist in a business contract and how are they involved? The differing views in answering these questions often lead to differing views regarding the legality of certain dubious business contracts. Top of the contracts list is the contract of modern insurance. There have been many consistent claims that the main problematic elements associated with modern insurance contracts are the elements of qimar and gharar. Nevertheless, few people have a clear idea of what qimar and gharar are and therefore, there is a need to reexamine the prevailing views that the operation of modern insurance contract is not free from these two prohibitive elements. This is the paramount objective of this article. In addition, it is argued that while the alleged element of gharar in the modern insurance contract is real and substantial, the involvement of the element of qimar is not legally proven.

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An Alternative to Defining Risk as Uncertainty

Cited by 25 publications

References 0 publications

Conceptualising uncertainty in safety-critical projects: A practitioner perspective

Conceptualising uncertainty in safety-critical projects: A practitioner perspective

Is Financial Risk Tolerance Influenced by Personality Traits?

The Elements of Qimar ( Wagering ) and Gharar ( Uncertainty ) in the Contract of Insurance Revisited

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