So “risk” really does mean surprise to them. Do you think this impairs their ability to reason about risk? E.g., would they try to minimize their risk because that’s a good thing, for the ordinary definition of risk, but then actually minimize their variance? Do they talk to clients using the word “risk”, and being aware on one level that they mean something different, yet not explain the difference?
So “risk” really does mean surprise to them. Do you think this impairs their ability to reason about risk? E.g., would they try to minimize their risk because that’s a good thing, for the ordinary definition of risk, but then actually minimize their variance? Do they talk to clients using the word “risk”, and being aware on one level that they mean something different, yet not explain the difference?