IDEAS home Printed from https://ideas.repec.org/a/ids/ijbcrm/v7y2017i3p182-191.html
   My bibliography  Save this article

On some foundational issues related to cost-benefit and risk

Author

Listed:
  • Terje Aven

Abstract

This paper provides some reflections on the use of cost-benefit type of analysis in a risk management context, with special focus on situations having a potential for extreme consequences. The paper summarises current ideas about risk and questions how these affect the understanding and use of cost-benefit analyses in such context. The need for seeing beyond the cost-benefit type of analysis based on expected values is broadly acknowledged in the literature, but the argumentation for this is not straightforward and can be further refined. The paper aims at contributing to this end by reviewing and discussing some recent work on these issues. Implications for risk management are also discussed.

Suggested Citation

  • Terje Aven, 2017. "On some foundational issues related to cost-benefit and risk," International Journal of Business Continuity and Risk Management, Inderscience Enterprises Ltd, vol. 7(3), pages 182-191.
    • Handle: RePEc:ids:ijbcrm:v:7:y:2017:i:3:p:182-191
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=88805
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Aven, Terje, 2019. "The cautionary principle in risk management: Foundation and practical use," Reliability Engineering and System Safety, Elsevier, vol. 191(C).
    2. Thomas Ying‐Jeh Chen & Valerie Nicole Washington & Terje Aven & Seth David Guikema, 2020. "Review and Evaluation of the J100‐10 Risk and Resilience Management Standard for Water and Wastewater Systems," Risk Analysis, John Wiley & Sons, vol. 40(3), pages 608-623, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijbcrm:v:7:y:2017:i:3:p:182-191. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=333 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.