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Conceptualizing and characterizing risk: A risk science perspective beyond traditional economic approaches

Terje Aven

Risk Management and Insurance Review2026https://doi.org/10.1111/rmir.70033article
ABDC C
Weight
0.50

What the paper says

Abstract Economists commonly conceptualize and characterize risk through metrics such as expected values, variance, value‐at‐risk, and objective probability distributions. This paper reviews these economic approaches from the perspective of contemporary risk science, which offers a holistic and unified framework for understanding and describing risk. Drawing on foundational risk science concepts and principles, the analysis demonstrates how this broader viewpoint integrates uncertainties, knowledge aspects, and potential surprises (black swans), providing new insights for both general risk conceptualization and economic applications. The paper concludes by discussing implications for risk assessment and management, arguing that adopting a risk science lens enhances decision‐making, balancing different concerns.

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https://doi.org/https://doi.org/10.1111/rmir.70033

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@article{terje2026,
  title        = {{Conceptualizing and characterizing risk: A risk science perspective beyond traditional economic approaches}},
  author       = {Terje Aven},
  journal      = {Risk Management and Insurance Review},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/rmir.70033},
}

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Conceptualizing and characterizing risk: A risk science perspective beyond traditional economic approaches

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.