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Risk informed decision-making and its ethical basis

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  • Ersdal, Gerhard
  • Aven, Terje

Abstract

In decision-making under uncertainty there are two main questions that need to be evaluated: (i) What are the future consequences and associated uncertainties of an action, and (ii) what is a good (or right) decision or action. Philosophically these issues are categorized as epistemic questions (i.e. questions of knowledge) and ethical questions (i.e. questions of moral and norms). This paper discusses the second issue, and evaluates different risk management approaches for establishing good decisions, using different ethical theories as a basis. These theories include the utilitarian ethics of Bentley and Mills, and deontological ethics of Kant, Rawls and Habermas. The risk management approaches include cost–benefit analysis (CBA), minimum safety criterion, the ALARP principle and the precautionary principle.

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  • Ersdal, Gerhard & Aven, Terje, 2008. "Risk informed decision-making and its ethical basis," Reliability Engineering and System Safety, Elsevier, vol. 93(2), pages 197-205.
    • Handle: RePEc:eee:reensy:v:93:y:2008:i:2:p:197-205
    DOI: 10.1016/j.ress.2006.12.018
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    References listed on IDEAS

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    1. Aven, Terje & Vinnem, Jan Erik, 2005. "On the use of risk acceptance criteria in the offshore oil and gas industry," Reliability Engineering and System Safety, Elsevier, vol. 90(1), pages 15-24.
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    2. Paul Lindhout & Genserik Reniers, 2021. "Involving Moral and Ethical Principles in Safety Management Systems," IJERPH, MDPI, vol. 18(16), pages 1-15, August.
    3. Alsultan, Marwan & Jun, Jungwook & Lambert, James H., 2020. "Program evaluation of highway access with innovative risk-cost-benefit analysis," Reliability Engineering and System Safety, Elsevier, vol. 193(C).
    4. Hernandez-Perdomo, Elvis & Guney, Yilmaz & Rocco, Claudio M., 2019. "A reliability model for assessing corporate governance using machine learning techniques," Reliability Engineering and System Safety, Elsevier, vol. 185(C), pages 220-231.
    5. Patrik Baard, 2016. "Risk-reducing goals: ideals and abilities when managing complex environmental risks," Journal of Risk Research, Taylor & Francis Journals, vol. 19(2), pages 164-180, February.
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    7. Eva M. Urbano & Victor Martinez-Viol & Konstantinos Kampouropoulos & Luis Romeral, 2021. "Energy-Investment Decision-Making for Industry: Quantitative and Qualitative Risks Integrated Analysis," Sustainability, MDPI, vol. 13(12), pages 1-30, June.

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