Austrian Economics Wiki

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Austrian Economics Wiki

I am a random google user who came on this page and wanted to just ask.  I've always though risk was the probability something "bad" happens.  Why is this definition so far off from the commonly accept def?

Hello random user! It is true, in daily language is risk often associated with something 'bad', but a closer look reveals that there is also often a good-vs-bad dynamic, reflecting that an action may lead to something specifically good and specifically bad. And sometimes the focus is almost entirely on the 'good', as with lottery tickets. Check the many definitions or risk in Wikipedia for examples.
I can only speculate why is the common understanding of the term so focused on the 'bad'. Perhaps it's a recognition that even for the good things that we want to get there is always an associated cost and/or danger? At the same time, there are always many possible dangers without a specific 'good' thing waiting on the other hand (besides the normal 'being okay' state). $0.02 Pestergaines (talk) 23:06, June 3, 2014 (UTC)