Our resident inventors exchange emails on how innovation can help manage and minimise risk in engineering and in everyday life. Patrick Most engineers are risk-averse to some extent. Minimising risk, however, is often a good way to maximise the chances of stagnation, boredom and uncompetitiveness. Humans tend to be very bad at assessing the actual probability of coming to grief under any given set of circumstances. We also get confused between the probability of an event and its seriousness.
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