The Notion of a Naturally Risk-Free Existence

Mark Jablonowski

Chapter 3 in Managing High-Stakes Risk, 2009, pp 37-54 from Palgrave Macmillan

Abstract: Abstract The most effective approach to managing the unique nature of high-stakes risks is to avoid them. This simple rule is what defines the precautionary approach to risk, based on the minimax criterion. While avoidance is an unassailable preventative from a theoretical standpoint, a practical issue remains. Striving for a genuinely zero level of risk is not just inconvenient, it is impossible. A true zero level of risk cannot exist, by the physical laws of the universe. This does not mean, however, that we have to abandon minimax precaution as a powerful form of risk mitigation. To be effectively precautionary, we need to focus on achieving a level of risk that is compatible with natural background levels.

Keywords: Safe Haven; Subsistence Level; Precautionary Approach; Danger Zone; Risk Management Factor (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-25120-5_3

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DOI: 10.1057/9780230251205_3

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