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Policy Reversals in Risk Management: The Effect of Refined Analyses

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  • Hild, Matthias
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    Abstract

    Reversals of policy recommendations occur in risk management when the social decision maker aggregates individuals' subjective utilities for the outcomes of a risky policy measure. The level of detail with which these outcomes are described can signicantly affect the resulting policy recommendation. Thec hoice of the level of detail on which we conduct an analysis therefore amounts to an implicit value judgement. Moreover, the power to fix the level of the analysis implies partial control over policy recommendations. We propose an alternative approach to decision{theoretically sound risk management.

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    Bibliographic Info

    Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1116.

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    Length: 30 pages
    Date of creation: Mar 2001
    Date of revision:
    Publication status: Published:
    Handle: RePEc:clt:sswopa:1116

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    Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
    Phone: 626 395-4065
    Fax: 626 405-9841
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    Web page: http://www.hss.caltech.edu/ss

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    Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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