The present study reviews the literature about dynamic decision-making and judgment of low-probability, high-consequence events. The specific features of this situation under risk and uncertainty imply an anomaly: while the single probability of an event with high negative consequences may be...

The basics -- Uncertainty -- Risk management -- Risk assessment -- Risk communication -- Enterprise risk management -- Problem identification for risk management -- Brainstorming -- Economics for risk management -- Risk assessor's toolbox -- Art and practice of risk assessment modeling --...

Motivation for betting and risk taking -- Toward an explanation of betting as a leisure pursuit -- Costing excitement in leisure betting -- Successful betting strategies : evidence from the UK off-course betting market -- The impact of complexity on decision-making behaviour -- The complex...

The distinction of risk vs uncertainty as made by Knight has important implications for policy selection. Assuming the former when the latter is relevant can lead to wrong decisions. With the aid of a stylized model that describes a bank's decision on how to allocate loans, the authors discuss...