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Against the De Minimis Principle

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  • Björn Lundgren
  • H. Orri Stefánsson

Abstract

According to the class of de minimis decision principles, risks can be ignored (or at least treated very differently from other risks) if the risk is sufficiently small. In this article, we argue that a de minimis threshold has no place in a normative theory of decision making, because the application of the principle will either recommend ignoring risks that should not be ignored (e.g., the sure death of a person) or it cannot be used by ordinary bounded and information‐constrained agents.

Suggested Citation

  • Björn Lundgren & H. Orri Stefánsson, 2020. "Against the De Minimis Principle," Risk Analysis, John Wiley & Sons, vol. 40(5), pages 908-914, May.
    • Handle: RePEc:wly:riskan:v:40:y:2020:i:5:p:908-914
    DOI: 10.1111/risa.13445
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    References listed on IDEAS

    as
    1. Jeryl Mumpower, 1986. "An Analysis of the de minimis Strategy for Risk Management," Risk Analysis, John Wiley & Sons, vol. 6(4), pages 437-446, December.
    2. Stefansson, H. Orii & Bradley, Richard, 2019. "What is risk aversion?," LSE Research Online Documents on Economics 81364, London School of Economics and Political Science, LSE Library.
    3. Aven, Terje & Renn, Ortwin, 2018. "Improving government policy on risk: Eight key principles," Reliability Engineering and System Safety, Elsevier, vol. 176(C), pages 230-241.
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