Skip to main content
SpringerLink
Log in

The Prioritization of Risk Reducing Measures in View of Uncertain Cost/Benefits

  • Conference paper
Probabilistic Safety Assessment and Management

  • 45 Accesses

Abstract

This paper discusses the traditional cost-benefit analysis in the context of prioritization of risk reducing measures. Such measures are often uncertain both in terms of cost of the measures and their effects. We introduce the concept of decision flexibility to develop an alternative framework for making such decisions.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 129.00
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 169.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. NOU 2002:17: Helicopter Safety on the Norwegian Continental Shelf — Review 2: Trends, objectives, risk influencing factors and measures.

    Google Scholar 

  2. Aven, Terje Foundations of Risk Analysis. New York, Wiley 2003

    Book  MATH  Google Scholar 

  3. DeGroot, Morris H. Optimal statistical decisions, New York, McGraw-Hill 1970

    MATH  Google Scholar 

  4. Weitzman, Martin L.:Optimal Search for the Best Alternative, Econometrica, Vol 47, 1979, 641–654

    Article  MATH  MathSciNet  Google Scholar 

  5. Gittins, J. and D. Jones: Dynamic Allocation Index for the Sequential Allocation of Experiments, in (J. Gani, et al, Eds.) Progress in Statistics, North Holland, Amsterdam. 1974

    Google Scholar 

  6. Banks, J.S. and Rangarajan. K. Sundaram Switching Costs and the Gittins Index, 1994 Econometrica 62(3), 687–694.

    Article  MATH  Google Scholar 

  7. Sundaram, Rangarajan K. Generalized Bandit Problems,” Working Paper, Stern School of Business; forthcoming in Social and Strategic Behavior: Essays in Honor of Jeffrey S. Banks (David Austen-Smith and John Duggan, Eds). 2003

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. SINTEF Industrial Management, N-7465, Trondheim, Norway

    Thor Bjørkvoll & Helge Langseth

  2. Norwegian University of Science and Technology, N-7465, Trondheim, Norway

    Thor Bjørkvoll & Helge Langseth

Authors
  1. Thor Bjørkvoll
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Helge Langseth
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. TÜV Süddeutschland, Dudenstrasse 28, D-68167, Mannheim, Germany

    Cornelia Spitzer Dipl.-Math.

  2. Swiss Federal Nuclear Safety Inspectorate (HSK), CH-5232, Villigen-HSK, Switzerland

    Ulrich Schmocker PhD

  3. Paul Scherrer Institut (PSI), CH-5232, Villigen PSI, Switzerland

    Vinh N. Dang PhD

Rights and permissions

Reprints and permissions

Copyright information

© 2004 Springer-Verlag London

About this paper

Cite this paper

Bjørkvoll, T., Langseth, H. (2004). The Prioritization of Risk Reducing Measures in View of Uncertain Cost/Benefits. In: Spitzer, C., Schmocker, U., Dang, V.N. (eds) Probabilistic Safety Assessment and Management. Springer, London. https://doi.org/10.1007/978-0-85729-410-4_245

Download citation

  • DOI: https://doi.org/10.1007/978-0-85729-410-4_245

  • Publisher Name: Springer, London

  • Print ISBN: 978-1-4471-1057-6

  • Online ISBN: 978-0-85729-410-4

  • eBook Packages: Springer Book Archive

Publish with us

Policies and ethics

Search

Navigation