220 ◾ Risk Assessment and Security
likelihood, rather than a deating of all less likely occurrences. e adjust-
ment and variant of prospect theory helps to prevent a violation of rst-order
stochastic dominance and makes an attainable generalization to arbitrary
outcome distributions (Doro-on 2011).
Kahneman and Tversky (2000) concluded that the intuitive and cognitive abili-
ties of a normal human being are clearly overwhelmed by this complexity, thereby
forcing him or her to rely on simplied and standardized rules of thumb. ese
reduced decision-making rules always create bias and imperfect judgments. For
instance, one such heuristic as judging the probability of a risk based on the con-
tentment which can be delivered to the public’s mind ...