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On Weighing Gains and Investments at the Margin of Risk Regulation

Author

Listed:
  • Timothy O'Riordan
  • Ray Kemp
  • H. Michael Purdue

Abstract

Analysts have long noted an apparent discrepancy in the level of investment seemingly necessary to meet “acceptable” levels of public safety. At the margin of risk regulation, i.e., where safety determination is judged acceptable, the traditional cost–benefit calculus appears to contribute obvious rationale to the final political decision. Efforts are now being made to introduce a measure of consistency into the application of risk–cost benefit analysis to radiological protection. This paper reviews these efforts from a UK perspective. It also looks at how the issue was treated in a public setting through the Sizewell B Public Inquiry.

Suggested Citation

  • Timothy O'Riordan & Ray Kemp & H. Michael Purdue, 1987. "On Weighing Gains and Investments at the Margin of Risk Regulation," Risk Analysis, John Wiley & Sons, vol. 7(3), pages 361-369, September.
    • Handle: RePEc:wly:riskan:v:7:y:1987:i:3:p:361-369
    DOI: 10.1111/j.1539-6924.1987.tb00472.x
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    References listed on IDEAS

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    1. Broome, John, 1984. "Uncertainty and Fairness," Economic Journal, Royal Economic Society, vol. 94(375), pages 624-632, September.
    2. John D. Graham & James W. Vaupel, 1981. "Value of a Life: What Difference Does It Make?," Risk Analysis, John Wiley & Sons, vol. 1(1), pages 89-95, March.
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    3. Louis H.J. Goossens, 1991. "Risk Prevention and Policy‐Making in Automatic Systems," Risk Analysis, John Wiley & Sons, vol. 11(2), pages 217-228, June.

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