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Refer to your class notes, the text, and the article Wizard of Odds: What is subjective risk? What influences it? How is it different than objective risk? Give an example (4 points)
Subjective risk is an individual’s view of uncertainty or the situation involving risk.
Individual’s measures attitude toward risk toward risks influences subjective risk.
Objective risk is based on experience, data, or other means what we expect to happen but objective risk is based up on individual’s point of view. Subjective risk is not easy to
measure and not easy to compare among individuals . Fear of traveling on an air plane is
an example of objective risk...
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