Examlex
Explain the key areas of self-awareness. For each key area of self-awareness, provide a real-life example to support your description.
Risk Inconsistency
The phenomenon where an individual's tolerance for risk changes in unpredictable ways over time or across different contexts.
Expected Loss
The anticipated amount of loss a business might suffer due to various risk factors.
Risk Aversion
A preference for certainty over uncertainty, where an individual prefers outcomes with lower risk and potentially lower returns.
Expected Winnings
The average amount one can expect to win or lose from a gamble or game, calculated by multiplying each possible outcome by its probability and summing the results.
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