No! None of this makes sense! This is exactly what I'm talking about! You're conflating risk with severity.
Risk = likelihood X severity
You change the "likelihood" in your two scenarios. This is wrong. The likelihood of tripping and falling should be independent of the location in your two examples. The severity is much higher in one case which means the risk of a negative outcome is higher in that scenario.
Let's take another 2 scenarios with a medical event resulting in a 6 hours loss of consciousness. Scenario A) is in the summer and scenario B) is in the winter. With equal likelihood, which season has more risk?
Hiking without a stove, pad, and sleeping bag in the winter is more risky than taking those things. Period. I'm not judging your level of risk. I also hike in winter without those items often and know that when I do I take on more risk. I'm objecting to the claim that you have sufficiently mitigated that risk with puffy pants.
Rescue me Doug Paul, too much math... I should delete this now.....
However, the equation has many more variables in it though. Have I gotten a decent amount of the sleep the last couple of nights, we all have different senses of equilibrium/balance, am I hydrated, early stage of hyperthermia, am I fatigued, did I get lazy?
No injuries due to hiking, (knock, knock,) however trip and falls that have happened have been near the end, when I've been tired or assumed I didn't have to pay attention to the trail as I was within earshot of the road or could see my car even. We are react differently to adrenaline so challenging footing you may do better at as you're pumped and highly attentive. (Providing you aren't climbing over your skill level.) I've never slipped on a headwall, a ladder, via ferrata, However, Greylock, The Crawford Path low on Pierce, high on Cabot, all on the way down, one I could see my car, the other was within 10 minutes., those are other stories.
Where do medical conditions factor into the risk factor? Obesity, Hypertension? vertigo, diabetes? Symptoms has balance, I've never felt them, will I next time?
Yes, if you are in a group, a pad and bag should be brought. If you're solo and unconscious in the winter for six hours, unless you got all wrapped up first, you likely may be dead. (I certainly don't wear enough walking uphill to stop moving for six hours in the winter, in the summer, that's a full nights sleep.)
Risk Management, Risk Tolerance and Risk Avoidance are taken together, (or probability, I skipped most of my Stats classes) Technical Ice and Rock climbing are winter sports and falls are really bad. This is really more about what you've grown up with and what you are comfortable telling loved ones, I'm curious how much sleep Bob's wife got after he called and said I'll be out all night on Mt. Washington, I'll be fine, really....
On an unrelated note, well, mountaineers and spouses. Beck Weather's Book is an exercise in Risk Tolerance and Risk avoidance. Up to Everest, he's risk tolerant and his wife is just tolerant. After Everest, her risk tolerance is zero and Beck's Risk Avoidance formula changes quicker than New England weather.
Pictures from Zugspitze via Ferrata