The Price of Safety and Economic Reliability

Charles S. Tapiero ()
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Charles S. Tapiero: The Polytechnic Institute of New York University

A chapter in Safety and Risk Modeling and Its Applications, 2011, pp 55-76 from Springer

Abstract: Abstract Safety, by contrast, is both a consequence and a potential source of risk which is either objective, measured in terms of the probabilities and the consequences that define risk or perceptive—reflecting a state of mind, objective or conditioned. As a result, safety assumes many and compounded forms, such as being protected from consequential events or from being exposed to something that causes a loss. Practically, the word safety is used in many contexts. It may refer to home safety and allude to protective measures taken against external and harmful events (like weather, home invasion, etc.), computer safety in the sense of cyber security or to specific elements in use (stairs, cars, food, etc.). For example, see [2, 5, 15]. By the same token, safety may be inherent to a car’s reliability and to designs constructed to prevent accidental losses (or “safe at any speed” and thereby lead to some drivers to drive recklessy).

Keywords: Risk Aversion; Risk Attitude; Expected Profit; Risk Free Rate; Firm Profit (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:spr:ssrchp:978-0-85729-470-8_2

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DOI: 10.1007/978-0-85729-470-8_2

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