I presented my paper in October, 2009 to an audience of 20, including some economics professors and students. I got the feeling that they agreed with my assessment and my conclusions. There was a good set of questions, of course the chairman of the proceedings commented that if everyone agreed with my conclusion then people would not take any risk! At that point I realized that there is a lot of work needed to educate ourselves with what we define as risk.

Risk and perception of risk are two entirely different things. When we say something is risky, it our heuristic shortcut telling us that we don’t understand this or it seems risky. But when we are not sure, is it real risk or our perception of risk!

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