Risk Analysis and Risk Management in an Uncertain World

Howard Kunreuther

Center for Financial Institutions Working Papers from Wharton School Center for Financial Institutions, University of Pennsylvania

Abstract: The tragic attacks of September 11 th and the recent bioterrorist threats have raised a set of issues regarding how we deal with events where there is considerable ambiguity and uncertainty on the likelihood of their occurrence and their potential consequences. This paper discusses how one can link the tools of risk assessment and our knowledge of risk perception to develop risk management options for dealing with extreme events. In particular it suggests ways that the expertise of members from the Society for Risk Analysis can apply their talents to the risks associated with terrorism and discusses the changing roles of the public and private sectors in dealing with extreme events.

Date: 2001-12
New Economics Papers: this item is included in nep-ias
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Persistent link: https://EconPapers.repec.org/RePEc:wop:pennin:02-08

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