There exist many principles and methods for guiding investment decisions on safety and security. Some of the most important are cost-benefit analyses, multi-attribute analyses, expected utility theory, the portfolio theory, the cautionary (including the precautionary) principle and the ALARP principle.
However, the rationale and interactions of these principles and methods to support societal safety and security decisions are not sufficiently understood, and we plan to meet this challenge by an international research project, as defined by the project goals:
- To develop principles, methods and models for determining the right investments in societal safety and security, taking into account different and potentially conflicting objectives in the decision process
Subgoals of the project:
- Clarify the theoretical rationale for investments in societal safety and security, particularly addressing:
- The role of cost-benefit analyses, cost-effectiveness analyses and other type of analyses to support decisions on safety and security,
- The role of the portfolio theory to guide decisions on safety and security,
- The cautionary (including the pre-cautionary) and the ALARP principles' role to guide decisions on safety and security.
- How risk can be transferred using market mechanisms.
- Establish overall principles for investments in safety and security
- Develop new methods and models
- Produce 1 PhD
- Publish minimum 8 papers in international journals with referee.
For more details see the enclosed project summary. (word - 51 kb)
For a summary of papers and publications October 2010, see enclosed overview (PDF 72 kb)
What is risk? Different perspectives and implications for risk management. Plenary talk. PSAM 9, Hong Kong 21/5-08 (powerpoint - 1,5 mb)