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Philosophical issues related to risks and values

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  • Kinouchi, Renato

Abstract

This paper begins with the assumption that the concept of risk implies an entanglement between facts and values. This is not an arbitrary assumption since it can directly be deduced from the standard notion of risk. The value-ladenness of risk raises at least two further issues: the first one concerns the scales adopted to evaluate the severity of risks; the second concerns the commensurability/comparability of risks to human health and the environment. Some additional light is shed on those issues whether the models used in risk analysis were understood as fictions limited by the values that they can include. From this point of view, controversies on the limited scope of standard risk assessments are not only descriptive but also evaluative.

Suggested Citation

  • Kinouchi, Renato, 2018. "Philosophical issues related to risks and values," LSE Research Online Documents on Economics 90470, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:90470
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    File URL: http://eprints.lse.ac.uk/90470/
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    References listed on IDEAS

    as
    1. Hansson, Sven Ove, 2007. "Philosophical Problems In Cost–Benefit Analysis," Economics and Philosophy, Cambridge University Press, vol. 23(2), pages 163-183, July.
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    3. Cartwright,Nancy, 1999. "The Dappled World," Cambridge Books, Cambridge University Press, number 9780521644112, January.
    4. Mary Morgan, 2001. "Models, stories and the economic world," Journal of Economic Methodology, Taylor & Francis Journals, vol. 8(3), pages 361-384.
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    More about this item

    Keywords

    commensurability; comparability; fiction; models; risk; values;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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