25.08.2015 Views

of firms and governments

Risk and Insurance

Risk and Insurance

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Risk <strong>and</strong> uncertainty...concepts• Certainty (perfect information) (Prob=0 or 1)• Objective probability (statistical law)• Subjective probability• Ignorance (lack <strong>of</strong> information)Social <strong>and</strong> Private Insurance5/J.F. Outreville

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