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Risk and Precaution

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  • Randall,Alan

Abstract

The precautionary principle has been labeled simplistic and the rational approach to decision-making under risk was modeled on well-specified games of chance. How then are we to manage the risks, uncertainties, and 'unknown unknowns' of the real world? In this book, Alan Randall unravels the key controversies surrounding the precautionary principle and develops a new framework that can be taken seriously in policy and management circles. Respecting the complexity of the real world, he defines a justifiable role for the precautionary principle in a risk management framework that integrates precaution with elements of the standard risk management model. This is explained using examples from medicine, pharmacy, synthetic chemicals, nanotechnology, the environment and natural resources conservation. This carefully reasoned but highly accessible book will appeal to readers from a broad range of disciplines, including environmental policy, risk management and cost-benefit analysis.

Suggested Citation

  • Randall,Alan, 2011. "Risk and Precaution," Cambridge Books, Cambridge University Press, number 9780521759199, October.
    • Handle: RePEc:cup:cbooks:9780521759199
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    Citations

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    Cited by:

    1. Cornelia Gabriela Piciu & Iuliana Militaru, 2013. "Economic Conceptualization Of Negative Environmental Externalities," Romanian Economic Business Review, Romanian-American University, vol. 8(3.1), pages 123-130, September.
    2. Mauerhofer, Volker, 2019. "Legal Institutions and Ecological Economics: Their Common Contribution for Achieving a Sustainable Development," Ecological Economics, Elsevier, vol. 156(C), pages 350-359.
    3. Uwe Beyer & Oliver Ullrich, 2022. "Organizational Complexity as a Contributing Factor to Underperformance," Businesses, MDPI, vol. 2(1), pages 1-15, March.
    4. Alan Randall, 2021. "Resource Scarcity and Sustainability—The Shapes Have Shifted but the Stakes Keep Rising," Sustainability, MDPI, vol. 13(10), pages 1-16, May.
    5. Dobes, Leo, 2012. "Adaptation to Climate Change: Formulating Policy under Uncertainty," Working Papers 249390, Australian National University, Centre for Climate Economics & Policy.
    6. Stephen Davies, 2021. "COVID‐19 and complexity: Hayekian economics and the world after the pandemic," Economic Affairs, Wiley Blackwell, vol. 41(2), pages 198-210, June.
    7. Carla Susana A. Assuad, 2020. "Understanding Rationality in Sustainable Development Decision-Making: Unfolding the Motivations for Action," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 11(3), pages 1086-1119, September.
    8. Gabe Mythen, 2021. "The Critical Theory of World Risk Society: A Retrospective Analysis," Risk Analysis, John Wiley & Sons, vol. 41(3), pages 533-543, March.
    9. CHITIGA Georgiana, 2013. "The Market Developments of Wind Energy - Accessibility, Availability and Acceptability," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 108-113, May.
    10. Pieter van Gelder & Pim Klaassen & Behnam Taebi & Bart Walhout & Ruud van Ommen & Ibo van de Poel & Zoe Robaey & Lotte Asveld & Ruud Balkenende & Frank Hollmann & Erik Jan van Kampen & Nima Khakzad & , 2021. "Safe-by-Design in Engineering: An Overview and Comparative Analysis of Engineering Disciplines," IJERPH, MDPI, vol. 18(12), pages 1-28, June.
    11. Alan Randall, 2020. "On Intergenerational Commitment, Weak Sustainability, and Safety," Sustainability, MDPI, vol. 12(13), pages 1-18, July.
    12. Andy Stirling, 2016. "Precaution in the Governance of Technology," SPRU Working Paper Series 2016-14, SPRU - Science Policy Research Unit, University of Sussex Business School.
    13. Ma, Jinrun & Wu, Yaoyao & Liang, Yongtang, 2023. "Robust investment and hedging policy with limited commitment," Economic Modelling, Elsevier, vol. 125(C).
    14. Alan Randall, 2022. "How Strong Sustainability Became Safety," Sustainability, MDPI, vol. 14(8), pages 1-17, April.
    15. Alan Randall, 2014. "Weak sustainability, conservation and precaution," Chapters, in: Giles Atkinson & Simon Dietz & Eric Neumayer & Matthew Agarwala (ed.), Handbook of Sustainable Development, chapter 10, pages 160-172, Edward Elgar Publishing.
    16. Klepper, Gernot & Dovern, Jonas & Rickels, Wilfried & Barben, Daniel & Goeschl, Timo & Harnisch, Sebastian & Heyen, Daniel & Janich, Nina & Maas, Achim & Matzner, Nils & Scheffran, Jürgen & Uther, Ste, 2016. "Herausforderung Climate Engineering: Bewertung neuer Optionen für den Klimaschutz," Kieler Beiträge zur Wirtschaftspolitik 8, Kiel Institute for the World Economy (IfW Kiel).
    17. Alan Randall, 2021. "Monitoring Sustainability and Targeting Interventions: Indicators, Planetary Boundaries, Benefits and Costs," Sustainability, MDPI, vol. 13(6), pages 1-19, March.

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