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Policy Reversals in Risk Management: The Effect of Refined Analyses

Hild, Matthias (2001) Policy Reversals in Risk Management: The Effect of Refined Analyses. Social Science Working Paper, 1116. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20170807-145422885

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Abstract

Reversals of policy recommendations occur in risk management when the social decision maker aggregates individuals' subjective utilities for the outcomes of a risky policy measure. The level of detail with which these outcomes are described can significantly affect the resulting policy recommendation. The choice of the level of detail on which we conduct an analysis therefore amounts to an implicit value judgment. Moreover, the power to fix the level of the analysis implies partial control over policy recommendations. We propose an alternative approach to decision—theoretically sound risk management.


Item Type:Report or Paper (Working Paper)
Additional Information:I wish to thank Ralph Miles for his help.
Group:Social Science Working Papers
Subject Keywords:group choice, risk management, social decision making
Series Name:Social Science Working Paper
Issue or Number:1116
Record Number:CaltechAUTHORS:20170807-145422885
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20170807-145422885
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:79864
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:07 Aug 2017 22:04
Last Modified:03 Oct 2019 18:24

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