Risk is a phenomenon that should not be neglected in the decision-making process. It is a fact because there is uncertainty and the impossibility of predicting the exact time of its occurrence in otherwords, even if there is a particular risk likely to occur or occurs.

The words ‘averse’, ‘seeking’, ‘tolerant’ or ‘neutral’ represent a chosen response to uncertainty that matters, driven by perception. This phrase forms a working definition of risk attitude, which is a choice made by a given individual or group in the face of a particular risky...