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The Role of Values in Risk Management

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  • RALPH L. KEENEY

Abstract

Values, meaning what we care to achieve, are essential to risk management. Understanding the relevant values is critical to making good decisions about risks. Thus values should be made explicit. Conceptual ideas and a few practical suggestions for building value models are discussed. Brief descriptions of several cases in which such models have facilitated decision making about important risk management decisions conclude the article.

Suggested Citation

  • Ralph L. Keeney, 1996. "The Role of Values in Risk Management," The ANNALS of the American Academy of Political and Social Science, , vol. 545(1), pages 126-134, May.
    • Handle: RePEc:sae:anname:v:545:y:1996:i:1:p:126-134
    DOI: 10.1177/0002716296545001013
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    1. Ralph L. Keeney, 1990. "Mortality Risks Induced by Economic Expenditures," Risk Analysis, John Wiley & Sons, vol. 10(1), pages 147-159, March.
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