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The nature of risk

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  • S. M. Macgill
  • Y. L. Siu

Abstract

A new paradigm for risk analysis is proposed. It is a holistic conceptualization which recognizes an intrinsic duality between scientific and social risk perspectives. It defines risk states in terms of a minimal but necessary set of properties and qualities of risk issues at various scales of resolution (macro, meso, micro), and aggregations between them. It is founded in a philosophy which recognizes knowledge-based processes as fundamental both to life (and in turn physical aspects of risk) and to cognition (social aspects of risk). It is through these processes that explanations for risk states are to be found. Implications for risk management are noted.

Suggested Citation

  • S. M. Macgill & Y. L. Siu, 2004. "The nature of risk," Journal of Risk Research, Taylor & Francis Journals, vol. 7(3), pages 315-352, April.
    • Handle: RePEc:taf:jriskr:v:7:y:2004:i:3:p:315-352
    DOI: 10.1080/1366987042000176253
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