Accountability, Risk, and the ALARP (As Low As Reasonably Practicable) limit of benefit

Niels Lind
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Niels Lind: Department of Civil and Environmental Engineering, University of Waterloo, Waterloo, ON, Canada

Journal of Risk and Reliability, 2014, vol. 228, issue 2, 209-214

Abstract: Professionals who assess public life and health risks are obliged to give reasoned account of the regulations they propose. Professional management of risk requires not just probabilistic analysis but also a rational defensible choice of the acceptable risk. The justification should be objective and quantified. The economics of human welfare, expressed through the Life Quality Index, defines net benefit to society of regulations to mitigate such risks. Together with the marginal life-saving cost principle, the Life Quality Index provides a clear limit of benefit to risk reduction. The underlying principles and the Life Quality Index are explained. Some issues of practical application are illustrated by an example of temporary facilities for storage of toxic waste. Effective communications about risk, to authorities in the form of regulatory scorecards and to the public, are stressed as integral components of the risk management process.

Keywords: Accountability; As Low As Reasonably Practicable; codes; standards; risk; probability; health and safety; Life Quality Index; limit of benefit (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:sae:risrel:v:228:y:2014:i:2:p:209-214

DOI: 10.1177/1748006X13512631

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