Risk, wellbeing and public policy

Subho Banerjee and Robert Ewing
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Subho Banerjee: Treasury, Government of Australia
Robert Ewing: Treasury, Government of Australia

Economic Roundup, 2004, issue 2, 21-44

Abstract: This article explores the relationship between risk and wellbeing, and the implications for public policy. Risk is an important dimension of wellbeing in its own right. People have different risk preferences, so policies to improve the match between preferences and risk actually borne have the potential to improve wellbeing. However, policies that affect risk often have significant trade-offs in other dimensions of wellbeing. Overall, a more sophisticated understanding of risk can make an important contribution to deliberations across almost the full range of government policy areas.

Keywords: empowerment; freedom; individual choices; quality of life; welfare (search for similar items in EconPapers)
JEL-codes: D03 D63 I31 Z13 (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (1)

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