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Equity Considerations in Public Risks Evaluation

Author

Listed:
  • Peter C. Fishburn

    (AT&T Bell Laboratories, Murray Hill, New Jersey)

  • Philip D. Straffin

    (Beloit College, Beloit, Wisconsin)

Abstract

Recent contributions by R. K. Sarin, and R. L. Keeney and R. L. Winkler, approach the problem of public risks evaluation from a multiattribute perspective in which fatalities, ex ante equity, and ex post equity play leading roles. The present paper considers the same problem from the perspective of holistic comparisons between potential fatality distributions. We consider a number of axioms for such comparisons, identify maximally compatible sets of axioms, and relate our approach to the multiattribute approach. We also identify a form of dispersive equity that is not discussed in recent work but deserves further consideration.

Suggested Citation

  • Peter C. Fishburn & Philip D. Straffin, 1989. "Equity Considerations in Public Risks Evaluation," Operations Research, INFORMS, vol. 37(2), pages 229-239, April.
    • Handle: RePEc:inm:oropre:v:37:y:1989:i:2:p:229-239
    DOI: 10.1287/opre.37.2.229
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    Citations

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    Cited by:

    1. Carole Bernard & Christoph M. Rheinberger & Nicolas Treich, 2018. "Catastrophe Aversion and Risk Equity in an Interdependent World," Management Science, INFORMS, vol. 64(10), pages 4490-4504, October.
    2. Thibault Gajdos & John Weymark & Claudio Zoli, 2010. "Shared destinies and the measurement of social risk equity," Annals of Operations Research, Springer, vol. 176(1), pages 409-424, April.
    3. Xiaojun Shan & Jun Zhuang, 2013. "Cost of Equity in Homeland Security Resource Allocation in the Face of a Strategic Attacker," Risk Analysis, John Wiley & Sons, vol. 33(6), pages 1083-1099, June.
    4. Marc Fleurbaey, 2010. "Assessing Risky Social Situations," Journal of Political Economy, University of Chicago Press, vol. 118(4), pages 649-680, August.
    5. Emmanuel Kemel & Corina Paraschiv, 2018. "Deciding about human lives: an experimental measure of risk attitudes under prospect theory," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 51(1), pages 163-192, June.
    6. Ehsan Taheri & Chen Wang, 2018. "Eliciting Public Risk Preferences in Emergency Situations," Decision Analysis, INFORMS, vol. 15(4), pages 223-241, December.
    7. Louis Anthony (Tony) Cox, 2012. "Why Income Inequality Indexes Do Not Apply to Health Risks," Risk Analysis, John Wiley & Sons, vol. 32(2), pages 192-196, February.
    8. Tim Bedford, 2013. "Decision Making for Group Risk Reduction: Dealing with Epistemic Uncertainty," Risk Analysis, John Wiley & Sons, vol. 33(10), pages 1884-1898, October.
    9. Thibault Gajdos & John A. Weymark & Claudio Zoli, 2008. "Shared Destinies and the Measurement and of Social Risk Equity," Vanderbilt University Department of Economics Working Papers 0821, Vanderbilt University Department of Economics.

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