Use of risk aversion in risk acceptance criteria
Quantitative risk acceptance criteria for technological systems must be both justifiable, based upon societal values and objectives, and workable in the sense that compliance is possible and can be demonstrated in a straightforward manner. Societal values have frequently been assessed using recorded accident statistics on a wide range of human activities assuming that the statistics in some way reflect societal preferences, or by psychometric surveys concerning perceptions and evaluations of risk. Both methods indicate a societal aversion to risk e.g., many small accidents killing a total of 100 people are preferred over one large accident in which 100 lives are lost. Some of the implications of incorporating risk aversion in acceptance criteria are discussed. Calculated risks of various technological systems are converted to expected social costs using various risk aversion factors. The uncertainties in these assessments are also discussed.
- Research Organization:
- California Univ., Los Angeles (USA). Dept. of Chemical, Nuclear, and Thermal Engineering
- Sponsoring Organization:
- USDOE Office of Nuclear Energy (NE)
- DOE Contract Number:
- AS04-78ET35400; AC04-76DP00789
- OSTI ID:
- 5230500
- Report Number(s):
- ALO-83; UCLA-ENG-7970; TRN: 80-014671
- Country of Publication:
- United States
- Language:
- English
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