A Perspective on Health and Safety Risk Analysis

Chauncey Starr and Chris Whipple
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Chauncey Starr: Electric Power Research Institute, 3412 Hillview Avenue, Palo Alto, California 94303
Chris Whipple: Electric Power Research Institute, 3412 Hillview Avenue, Palo Alto, California 94303

Management Science, 1984, vol. 30, issue 4, 452-463

Abstract: Health and safety risks are compared with financial risks, and the differences pertinent for risk evaluation and management are described. Such differences arise from the equities of risk distribution, the multiple stakeholders in the decision process, the opportunities for risk diversification, the interpretation of social values relating to risk choices, and in the political objectives in the decision process. Health and safety regulators are faced with the problem of making decisions involving large scientific uncertainties, public perceptions at odds with professional perceptions, uncertain and conflicting public values expressed through the political process, and difficult judgments of equity when risk and benefit are borne by different groups. The effect of highly publicized risk controversies on such regulatory decisions is described.

Keywords: risk management; risk analysis; health risks (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:30:y:1984:i:4:p:452-463

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