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224:: most pairs of risks cannot be unambiguously ranked in this way, and different risk functions applied to the estimated distributions of two such unordered risky variables will give different answers as to which is riskier.
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There is a sense in which one risk A can be said to be unambiguously greater than another risk B (that is, greater for any reasonable risk function): namely, if A is a
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can be used to obtain a single non-negative number representing a particular conception of the risk of the situation.
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of A can be formed, roughly speaking, by "spreading out" that of B. However, this is only a
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is a measure of the degree to which the estimate is likely to be inaccurate.
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of the variable, or equivalently the square root of the variance, called the
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Statistical risk is taken account of in a variety of contexts including
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of that distribution, and from that estimated distribution a
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that a variable will take on the lower of two values.
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189:. Another measure in finance, one which views
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143:. These methods can be used to estimate a
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