Comparitive Evaluation of Quantitative Decision-Making Approaches. Executive Summary

摘要

The nature of the social risk management problem is explored and possible solutions to the problem are offered. The question of whether or not the government should regulate in the face of increasing public concern over technological risks is addressed. It is determined that government could act to modify the hazard, the process by which individuals are exposed to the hazard, the process by which exposure produces adverse effects, or the valuation of those effects. The court's role in risk management is addressed. Various decision-making approaches are compared, including applied social welfare theory, decision-maker cost-benefit analysis, and supra decision-maker decision analysis. All of the approaches discussed are said to derive their perspective and underlying logic from one or more of the following three distinct theories of decision-making: cost-benefit theory, decision theory, and social choice theory. These theories are defined and concerns and criticisms are expressed over the effectiveness and appropriateness of decision-making approaches.