Evaluating Alternatives Involving Potential Fatalities

Ralph L. Keeney
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Ralph L. Keeney: Woodward-Clyde Consultants, San Francisco, California

Operations Research, 1980, vol. 28, issue 1, 188-205

Abstract: A critical aspect of many major decisions involves the possible loss of human life. Thus, in evaluating the alternatives, it is desirable to address this issue. This paper proposes a cardinal utility model for evaluating the potential fatalities and the uncertainty of their occurrence. It separates the overall consequences of fatalities into a personal direct impact and a societal indirect impact. Separate preference models are built for each impact and integrated to provide an overall evaluation of the potential fatalities. An assessment procedure is discussed and illustrated.

Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:inm:oropre:v:28:y:1980:i:1:p:188-205

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