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The ABC’s of High-Stakes Decisions

In: Precautionary Risk Management

Author

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  • Mark Jablonowski

Abstract

Attention to the immediate can obscure rare, but significant events, that can have absolutely dire consequences should they occur. The statistical approach supposes that the risks we face present themselves within a relatively short time horizon. At least short enough that the statistical calculations, based on previous history, make sense. In fact, most of the significant risks we face have a fairly low probability of occurrence, and hence, may not be amenable to analysis using statistical methods. This means we need to use specialized decision criteria for dealing with high-stakes risk.

Suggested Citation

  • Mark Jablonowski, 2006. "The ABC’s of High-Stakes Decisions," Palgrave Macmillan Books, in: Precautionary Risk Management, chapter 2, pages 17-37, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62765-9_2
    DOI: 10.1057/9780230627659_2
    as

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