EconPapers    
Economics at your fingertips  
 

Risk at a turning point?

Andrew Stirling

Journal of Risk Research, 1998, vol. 1, issue 2, 97-109

Abstract: There is increasing recognition in comparative risk assessment of the intrinsic subjectivity of fundamental framing assumptions and the consequent necessity for active participation in analysis by all interested and affected parties. Despite this, there remains considerable inertia in the implementation of these insights in formal policy making and regulatory procedures on risk. Here, the issue seems as often to be seen as a need for better 'communication' and 'management' as for better analysis, with attention devoted as much to the classification of divergent public perspectives as to techniques for direct stakeholder participation. Pointing to the fundamental methodological problems posed in risk assessment by the conditions of ignorance and Arrow's impossibility, the present paper contends that public participation is as much a matter of analytical rigour as it is of political legitimacy. It is argued that straightforward techniques such as multi-criteria and sensitivity analysis, along with a formal approach to diversification across portfolios of 'less risky' options, may go some way toward addressing these apparently intractable problems.

Date: 1998
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (7) Track citations by RSS feed

Downloads: (external link)
http://hdl.handle.net/10.1080/136698798377204 (text/html)
Access to full text is restricted to subscribers.

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:taf:jriskr:v:1:y:1998:i:2:p:97-109

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RJRR20

Access Statistics for this article

Journal of Risk Research is currently edited by Bryan MacGregor

More articles in Journal of Risk Research from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().

 
Page updated 2018-04-14
Handle: RePEc:taf:jriskr:v:1:y:1998:i:2:p:97-109