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- W772371112 abstract "This paper discusses the application of the Kaplan and Garrick (K&G) definition of risk in the context of the managerial decision problem. These problems have a formulation that provides a different information structure than that originally considered by K&G. A fourth question must to be asked. The decision maker’s preferences must be ascertained. Without knowledge of decision maker preference there is no risk. The answer to the fourth question gives the decision maker’s payoff function, v(Y ). A new triple {Y, PY , v(Y )} replaces the original triple of K&G, {F, PF , Y (F )} and permits an explicit quantification of risk." @default.
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- W772371112 date "2011-01-01" @default.
- W772371112 modified "2023-09-22" @default.
- W772371112 title "The Kaplan and Garrick Definition of Risk and its Application to Managerial Decision Problems" @default.
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