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Risk, Public Perception and Education: Quantitative and Qualitative Risk

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  • Martin Shubik

    () (School of Management)

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.

Suggested Citation

  • Martin Shubik, 2001. "Risk, Public Perception and Education: Quantitative and Qualitative Risk," Yale School of Management Working Papers ysm190, Yale School of Management.
  • Handle: RePEc:ysm:somwrk:ysm190
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    More about this item

    Keywords

    Risk; Probability; Insurance;

    JEL classification:

    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • I20 - Health, Education, and Welfare - - Education - - - General
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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