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Risk is a common concept, almost anyone can know this category. However, there is no consensus on risk. Different schools, different authors give different definitions of risk. These definitions are very rich and varied, which can be followed by:
According to AllanWillett: “Risk is the specific uncertainty associated with the occurrence of an unexpected event”, this view is supported by a number of scholars such as Hardy, Blanchard, Crobough and Redding, Klup , Angell,…
In a study by John Haynes, and repeated again in Irving Pfeffer’s Theory of Insurance and Economics, risk is: “the probability of loss, which is the sum of measurable contingencies by probability”.
However, the point of view that is considered modern and widely accepted is that of Frank H. Knight when he said: “Risk is uncertainty that can be measured”. The book Modern Economics of National Political Publishing House also mentions this point of view.
Although the above definitions are more or less different, it can be seen that it refers to two basic characteristics of risk, that is: “Risk is the uncertainty and the possibility that an undesirable outcome will occur. . Of the possibilities, there is at least one that leads to an undesirable outcome. And this result can result in loss or damage to the person at risk.”