Naming risky situations by Vaughn Tan (not-knowing)

Vaughn Tan argues that the word "risk" is misapplied to situations of not-knowing that are not formally risky, and that the mismatch causes decision methods built for formal risk to fail. Formal risk, defined as a situation where the precise outcome is unknown but all actions, outcomes, and their probabilities are known, is rare, while the word is widely used in looser, informal senses. The article notes that conventional risk methods such as expected value and cost-benefit analysis depend on precise and accurate probabilities, which non-risk situations rarely provide. It lists eight informal meanings of "risk" that participants in an April Interintellect discussion identified, and cites the Silicon Valley Bank controversy as one example of the consequences.