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The relative risk (RR) or risk ratio is the ratio of the probability of an outcome in an exposed group to the probability of an outcome in an unexposed group. Together with risk difference and odds ratio , relative risk measures the association between the exposure and the outcome.
The risk difference (RD), excess risk, or attributable risk[1] is the difference between the risk of an outcome in the exposed group and the unexposed group. It is computed as , where is the incidence in the exposed group, and is the incidence in the unexposed group. If the risk of an outcome is increased by the exposure, the term absolute risk ...
Absolute risk is one of the most understandable ways of communicating health risks to the general public. [2] In difference to absolute risk, the relative risk (RR) is the ratio of the probability of an outcome (probability) in an exposed group to the probability of an outcome in an unexposed group. The UK government’s chief scientific ...
Hyperbolic absolute risk aversion (HARA) is the most general class of utility functions that are usually used in practice (specifically, CRRA (constant relative risk aversion, see below), CARA (constant absolute risk aversion), and quadratic utility all exhibit HARA and are often used because of their mathematical tractability).
The Weber–Fechner laws are two related scientific laws in the field of psychophysics, known as Weber's law and Fechner's law. Both relate to human perception, more specifically the relation between the actual change in a physical stimulus and the perceived change. This includes stimuli to all senses: vision, hearing, taste, touch, and smell.
Risk aversion (psychology) Risk aversion is a preference for a sure outcome over a gamble with higher or equal expected value. Conversely, rejection of a sure thing in favor of a gamble of lower or equal expected value is known as risk-seeking behavior. The psychophysics of chance induce overweighting of sure things and of improbable events ...
Framing effect (psychology) The framing effect is a cognitive bias in which people decide between options based on whether the options are presented with positive or negative connotations. [1] Individuals have a tendency to make risk-avoidant choices when options are positively framed, while selecting more loss-avoidant options when presented ...
In the branch of experimental psychology focused on sense, sensation, and perception, which is called psychophysics, a just-noticeable difference or JND is the amount something must be changed in order for a difference to be noticeable, detectable at least half the time. [1] This limen is also known as the difference limen, difference threshold ...