The Nature of Risk
“Risk” may be defined as a compound measure of the probability and magnitude of adverse effect. Important distinctions can be made among six major classes of hazard (infectious and degenerative diseases; natural catastrophes; failure of large technological systems; discrete, small-scale accidents; low-level, delayed-effect hazards; and sociopolitical disruptions). Decisions about risks meet with four kinds of limitations: of empirical analysis of “the facts”, of social value appraisal, of “risk management”, and of the assignment of rights and responsibilities.
KeywordsSwine Influenza American Petroleum Institute Risk Decision Compound Measure Nuclear Energy Policy
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