Risk Within Reason

Advances in low-level risk detection threaten to engulf us with information. Regulators typically respond to each newly highlighted risk, whether painstakingly uncovered through scientific investigation or divulged with fanfare by the media, on an ad hoc basis. This response makes it hard to relate...

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Bibliographic Details
Published in:Science (American Association for the Advancement of Science) 1990-05, Vol.248 (4955), p.559-564
Main Authors: Zeckhauser, Richard J., Viscusi, W. Kip
Format: Article
Language:English
Subjects:
Biological and medical sciences
Bullets
Business risks
Conservatism
Decision Making
Economic costs
Economic regulation
Environmental agencies
Evaluation
Expected utility
Financial risk
Fundamental and applied biological sciences. Psychology
Health outcomes
Health risk assessment
Humans
Management
Miscellaneous
Psychology. Psychoanalysis. Psychiatry
Psychology. Psychophysiology
Public health
Regulation
Risk
Risk Assessment
Risk Factors
Risk Management
Science
Social psychology
Statistics
Statistics (Data)
Warnings
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Summary:Advances in low-level risk detection threaten to engulf us with information. Regulators typically respond to each newly highlighted risk, whether painstakingly uncovered through scientific investigation or divulged with fanfare by the media, on an ad hoc basis. This response makes it hard to relate disparate risks to the overall risk level and impedes intelligent risk reduction, which must consider the costs and benefits involved. Efficient risk management requires decisions not only about what to regulate and how stringently, but also about the appropriate division of labor among the agents influencing risks. These agents include individuals, whose potential contributions too often are overlooked, corporations, and government.
ISSN:0036-8075
1095-9203
DOI:10.1126/science.2333509