On risk defined as an event where the outcome is uncertain

In the social sciences, two prevailing definitions of risk are: (1) risk is a situation or event where something of human value (including humans themselves) is at stake and where the outcome is uncertain; (2) risk is an uncertain consequence of an event or an activity with respect to something that humans value. According to these definitions, risk expresses an ontology (a theory of being) independent of our knowledge and perceptions. In this paper, we look closer into these two types of definitions. We conclude that the definitions provide a sound foundation for risk research and risk management, but compared to common terminology, they lead to conceptual difficulties that are incompatible with the everyday…