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The Notion of a Naturally Risk-Free Existence

In: Managing High-Stakes Risk

Author

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  • Mark Jablonowski

Abstract

The most effective approach to managing the unique nature of high-stakes risks is to avoid them. This simple rule is what defines the precautionary approach to risk, based on the minimax criterion. While avoidance is an unassailable preventative from a theoretical standpoint, a practical issue remains. Striving for a genuinely zero level of risk is not just inconvenient, it is impossible. A true zero level of risk cannot exist, by the physical laws of the universe. This does not mean, however, that we have to abandon minimax precaution as a powerful form of risk mitigation. To be effectively precautionary, we need to focus on achieving a level of risk that is compatible with natural background levels.

Suggested Citation

  • Mark Jablonowski, 2009. "The Notion of a Naturally Risk-Free Existence," Palgrave Macmillan Books, in: Managing High-Stakes Risk, chapter 3, pages 37-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-25120-5_3
    DOI: 10.1057/9780230251205_3
    as

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