Precaution in Context

Mark Jablonowski

Chapter 4 in Risk Dilemmas, 2007, pp 56-67 from Palgrave Macmillan

Abstract: Abstract We have defined high-stakes or catastrophic risks as, roughly, those that entail the destruction of the entity. They are final and irreversible in their effects. It is this terminal nature from which the catastrophe problem arises: How do we approach decision when we don’t get a second chance to get things right? In the process, we have steered clear of context. That is, the issue that the notion of catastrophe is relative to the entity at risk. What is catastrophic to the individual may have little effect on society. Regional issues may themselves pale when compared to the fate of the world at large. One reason we have not emphasized context is that, to a great extent, the notion of high-stakes decision criteria can be applied generally. Avoidance of disaster makes sense whether that disaster affects the individual, a community, or even a business enterprise.

Keywords: Probability Threshold; Risk Acceptance; Risk Threshold; Monetary Valuation; Risk Avoidance (search for similar items in EconPapers)
Date: 2007
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-28859-1_4

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230288591

DOI: 10.1057/9780230288591_4

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().