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Five caveats for risk–risk analysis

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  • Sven Ove Hansson

Abstract

Risk analysis should be symmetrical in the sense that when evaluating an option for decision-making, we assess the risks that it may increase in the same way as those that it may decrease. However, implementing such symmetry is not always easy. In this contribution, five complications that have to be dealt with are introduced and briefly discussed: (1) We need to take all types of advantages and disadvantages into account, not only the risks. (2) There is more than one way to weigh risks against each other. (3) Decision-makers may legitimately put more weight on the direct effects of their decisions than on more indirect and uncertain effects, in particular, if the latter fall outside of their area of responsibility. (4) When a trade-off between risks is unsatisfactory, we should search for innovative solutions that make the trade-off unnecessary. (5) An exclusive focus on risks does not solve the incommensurability problem.

Suggested Citation

  • Sven Ove Hansson, 2017. "Five caveats for risk–risk analysis," Journal of Risk Research, Taylor & Francis Journals, vol. 20(8), pages 984-987, August.
    • Handle: RePEc:taf:jriskr:v:20:y:2017:i:8:p:984-987
    DOI: 10.1080/13669877.2016.1147493
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