When did the word risk first appear in English texts?
The word risk first appeared in English texts during the year 1621. Early writers spelled this term as risque to reflect its French origins before the spelling shifted to risk by the year 1655.
Questions about Risk
Short answers, pulled from the story.
What is the definition of risk according to ISO 31073?
ISO 31073 defines risk as an effect of uncertainty on objectives. This standard notes that uncertainty stems from any deficiency of information related to understanding or knowledge.
How does Benoit Mandelbrot distinguish between mild and wild risk types?
Benoit Mandelbrot distinguished between mild risk which follows normal distributions and wild risk which follows fat-tailed distributions like Pareto or power-law patterns. Wild risk renders the law of large numbers invalid or ineffective for financial markets.
Who established distinctions between measurable risk and immeasurable uncertainty in 1921?
Frank Knight established distinctions between measurable risk and immeasurable uncertainty in 1921. His work Risk, Uncertainty, and Profit remains foundational for economic theory today.
When did the term Risk society appear and gain popularity?
The term Risk society appeared during the 1980s with growing popularity in the 1990s. This popularity linked to trends thinking about wider modernity and environmental concerns.