The Categories of Extreme Goods:

 

0. Nuclear Materials, Equipment and Tools
1. Materials, chemicals, microorganisms and toxins
2. Material processing
3. General electronics
4. Computers
5. Telecommunications and information security
6. Sensors and lasers
7. Aviation electronics and navigation
8. Marine and marine technology
9. Propulsion systems, spacecraft and associated equipment

Each category is subdivided into five generic categories:

A) Systems, equipment and components
B) Test, test and manufacturing equipment
C) Materials and materials
D) Data processing programs (software)
E) Technology

Risk and Entrepreneurial Decision Making

The International Organization for Standardization defines the risk as an “expected effect of uncertainty on objectives”. The uncertainty implies the possible events caused by ambiguity or lack of information and its impacts on objectives. The objective of an entrepreneur is to maximize the expected utility of profit with limited resources. The entrepreneurial ability of utility maximization is formed by the risk perception and risk aversion. The best performing entrepreneurs have high risk awareness. Thus, the risk perception is individual and conditioned by the available information and general risk awareness. The risk aversion comprises the opportunity recognition and opportunity creation and forms the selection mechanism. If an individual experiences increasing marginal utility, she is risk-seeking. If an individual experiences diminishing marginal utility, she is risk-averse. The figure Risk Aversion displays the concave curve of the diminishing marginal utility of each unit of wealth.

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