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Model

In: Decision-making in High-Risk Projects

Author

Listed:
  • Akio Torii

    (Yokohama National University)

Abstract

As explained in Chap. 8 , this chapter analyzes the decision-making process of whether to stop or proceed with a project that involves significant risks. Consider a society comprising a sufficiently large number of different individuals. One of these individuals, referred to as the decision maker (DM hereafter), makes the decision to either halt or continue the project. The execution of the project is entrusted to a single agent, who is a part of the entities constituting the society. This project is implemented over two periods. Operating this project carries the possibility of an accident. All members of society are aware of the potential for accidents. Unlike the model in Part 1, accidents can occur in the first period of the project, just as in the second period. The project is considered complete and brings a benefit B (where $$B>0$$ B > 0 ) to society only if it operates in the first and second periods. The DM decides at the beginning of the first and second periods whether to proceed with the project for that period.

Suggested Citation

  • Akio Torii, 2024. "Model," Springer Books, in: Decision-making in High-Risk Projects, chapter 0, pages 95-100, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-3056-8_9
    DOI: 10.1007/978-981-97-3056-8_9
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