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A Scale of Risk

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  • Paolo Gardoni
  • Colleen Murphy

Abstract

This article proposes a conceptual framework for ranking the relative gravity of diverse risks. This framework identifies the moral considerations that should inform the evaluation and comparison of diverse risks. A common definition of risk includes two dimensions: the probability of occurrence and the associated consequences of a set of hazardous scenarios. This article first expands this definition to include a third dimension: the source of a risk. The source of a risk refers to the agents involved in the creation or maintenance of a risk and captures a central moral concern about risks. Then, a scale of risk is proposed to categorize risks along a multidimensional ranking, based on a comparative evaluation of the consequences, probability, and source of a given risk. A risk is ranked higher on the scale the larger the consequences, the greater the probability, and the more morally culpable the source. The information from the proposed comparative evaluation of risks can inform the selection of priorities for risk mitigation.

Suggested Citation

  • Paolo Gardoni & Colleen Murphy, 2014. "A Scale of Risk," Risk Analysis, John Wiley & Sons, vol. 34(7), pages 1208-1227, July.
    • Handle: RePEc:wly:riskan:v:34:y:2014:i:7:p:1208-1227
    DOI: 10.1111/risa.12150
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    References listed on IDEAS

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    2. Sunstein,Cass R., 2002. "Risk and Reason," Cambridge Books, Cambridge University Press, number 9780521791991, September.
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    4. Weber,Elke U. & Baron,Jonathan & Loomes,Graham (ed.), 2001. "Conflict and Tradeoffs in Decision Making," Cambridge Books, Cambridge University Press, number 9780521772389, September.
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    6. Stanley Kaplan & B. John Garrick, 1981. "On The Quantitative Definition of Risk," Risk Analysis, John Wiley & Sons, vol. 1(1), pages 11-27, March.
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    8. Colleen Murphy & Paolo Gardoni, 2010. "Assessing capability instead of achieved functionings in risk analysis," Journal of Risk Research, Taylor & Francis Journals, vol. 13(2), pages 137-147, March.
    9. repec:idb:brikps:publication-detail,7101.html?id=68568 is not listed on IDEAS
    10. Wolff, Jonathan, 2006. "Risk, Fear, Blame, Shame And The Regulation Of Public Safety," Economics and Philosophy, Cambridge University Press, vol. 22(3), pages 409-427, November.
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