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The economics of risk.

Authors
Hearl-F; Pana-Cryan-R; Mclaughlin-C
Source
Synergist 2014 May; 25(5):35-38
NIOSHTIC No.
20044764
Abstract
We make personal decisions about risk every day. These decisions depend on our understanding of risk and the options we have to reduce or control it. To understand risk, we need to understand both the probability and severity of the potential loss. We may have many options to control risk, but their potential costs and benefits may vary widely. Considering the risk-cost tradeoffs allows us to understand which risk control options make the most sense. Risk assessment results that are used to make risk management decisions generally do not have bright lines of demarcation for deciding safe from unsafe. The level of risk deemed to be safe (or tolerable or acceptable) is often a judgment based on ethical considerations and technical and economic factors in addition to risk estimates. Regardless of how risk management decisions are made, economic analysis is an additional informative tool that can guide these decisions.
Keywords
Risk-analysis; Economics; Decision making; Risk assessment; Risk management; Risk factors
Publication Date
20140501
Document Type
Journal Article
Email Address
fhearl@cdc.gov
Fiscal Year
2014
NTIS Accession No.
NTIS Price
Identifying No.
M072014
Issue of Publication
5
ISSN
1066-7660
NIOSH Division
OD
Source Name
The Synergist
State
DC; MD
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