Viktor SemenovPublished in:
Russian Journal of Entrepreneurship
– № 23 / December, 2012



Keywords: Alfred Marshall, Business risks, economic damage, Frank Hyneman Knight, John Maynard Keynes, prerequisites of risk situations, probability of risk, uncertainty


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Abstract:

Сonsidering different approaches to the nature of the risk, the author gives it a new definition, the essence of which is the following: the risk is the link between the prerequisites and the event which is unfavourable for certain persons and which causes considerable damage. Based on the analysis of probability boundaries of the risk situations' prerequisites, the conclusion is made that it is important to learn to discern between a situation where any accurate prediction is impossible, and a situation where you can really predict something.

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