Evaluating Decision Strategies for Equity of Public Risks
Ralph L. Keeney and
Robert L. Winkler
Additional contact information
Ralph L. Keeney: University of Southern California, Los Angeles, California
Robert L. Winkler: Duke University, Durham, North Carolina
Operations Research, 1985, vol. 33, issue 5, 955-970
Abstract:
Many important decisions include the loss of life among their possible consequences. Alternative actions have different implications for the number of possible fatalities, the equity of those eventual fatalities, and the equity of the process resulting in those fatalities. This paper defines a concept of ex ante risk equity to address the equity of the process and distinguishes this concept from the ex post risk equity of the fatalities. The paper indicates that an analysis of decision strategies addresses ex ante equity. In this context, both types of equity as well as loss of life are included in a von Neumann-Morgenstern utility model developed to evaluate public risks. This approach provides a method to investigate the implications of different value judgments in examining alternatives and illustrates an appropriate use of von Neumann-Morgenstern utility for problems involving social consequences such as public risks.
Keywords: 91 criteria for equitable risks; 521 evaluating strategies for equity; 852 multiattribute evaluation of equity (search for similar items in EconPapers)
Date: 1985
References: Add references at CitEc
Citations: View citations in EconPapers (17)
Downloads: (external link)
http://dx.doi.org/10.1287/opre.33.5.955 (application/pdf)
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:inm:oropre:v:33:y:1985:i:5:p:955-970
Access Statistics for this article
More articles in Operations Research from INFORMS Contact information at EDIRC.
Bibliographic data for series maintained by Chris Asher ().