They're what's called a "high-impact, low-probability" risk.
"We eased policy because we were concerned about the low-probability risk that the default might trigger events that would severely disrupt domestic and international financial markets, with outsized adverse feedback to the performance of the U.S. economy," Mr. Greenspan said then.
Regulations may be excessive or obsolete, protecting consumers against low-probability risks.
They were set up 15 years ago as insurers that specialised in the low-probability risks that can bring huge losses.
People generally exaggerate spectacular but low-probability risks, such as murder or natural disaster, just as they underestimate more common risks, such as accidents in the home.In this case, adds Kip Viscusi, an economist at the Harvard Law School, Americans face a new sort of risk and people do not know how to evaluate something they have never seen before.
However, education was also found to be associated with low probability of risk factors clustering in sites from Vietnam, possibly because higher level of education may also increase both awareness of, and capacity to take preventive actions against the common chronic NCDs (13).
An approach incorporating the CPT, seismic risk assessment, and lifecycle cost analysis is used to investigate the sensitivity of the implied seismic design preferences to risk attitudes and possible people's overreaction and unawareness in facing low probability high consequence risk.
Like I said, high low probability, but high risk.
Either passive or active contingency plans can be deployed for both (1) trends that are observed and have a high probability of continuing, and (2) events with low probability but high risk that result from any combination of climate change and other stresses.
Here we're talking about low probabilities and risks and that will be the big issue with pre-natal testing and we won't be able to think about this until we gather a lot more information.
