Risk, Governance and Society

Decision Science and Social Risk Management

A Comparative Evaluation of Cost-Benefit Analysis, Decision Analysis, and Other Formal Decision-Aiding Approaches

Authors: Merkhofer, M.W

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About this book

Economists, decision analysts, management scientists, and others have long argued that government should take a more scientific approach to decision making. Pointing to various theories for prescribing and rational­ izing choices, they have maintained that social goals could be achieved more effectively and at lower costs if government decisions were routinely subjected to analysis. Now, government policy makers are putting decision science to the test. Recent government actions encourage and in some cases require government decisions to be evaluated using formally defined principles 01' rationality. Will decision science pass tbis test? The answer depends on whether analysts can quickly and successfully translate their theories into practical approaches and whether these approaches promote the solution of the complex, highly uncertain, and politically sensitive problems that are of greatest concern to government decision makers. The future of decision science, perhaps even the nation's well-being, depends on the outcome. A major difficulty for the analysts who are being called upon by government to apply decision-aiding approaches is that decision science has not yet evolved a universally accepted methodology for analyzing social decisions involving risk. Numerous approaches have been proposed, including variations of cost-benefit analysis, decision analysis, and applied social welfare theory. Each of these, however, has its limitations and deficiencies and none has a proven track record for application to govern­ ment decisions involving risk. Cost-benefit approaches have been exten­ sively applied by the government, but most applications have been for decisions that were largely risk-free.

Table of contents (4 chapters)

  • Social Risk Management

    Merkhofer, Miley W.

    Pages 1-53

  • Decision-Aiding Approaches

    Merkhofer, Miley W.

    Pages 54-141

  • Criticisms and Limitations of Decision-Aiding Approaches

    Merkhofer, Miley W.

    Pages 142-186

  • Comparative Evaluation: Summary and Conclusions

    Merkhofer, Miley W.

    Pages 187-203

Buy this book

eBook $189.00
price for USA (gross)
  • ISBN 978-94-009-4698-9
  • Digitally watermarked, DRM-free
  • Included format: PDF
  • ebooks can be used on all reading devices
  • Immediate eBook download after purchase
Hardcover $249.00
price for USA
  • ISBN 978-90-277-2275-1
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
Softcover $239.00
price for USA
  • ISBN 978-94-010-8589-2
  • Free shipping for individuals worldwide
  • Usually dispatched within 3 to 5 business days.
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Bibliographic Information

Bibliographic Information
Book Title
Decision Science and Social Risk Management
Book Subtitle
A Comparative Evaluation of Cost-Benefit Analysis, Decision Analysis, and Other Formal Decision-Aiding Approaches
Authors
Series Title
Risk, Governance and Society
Series Volume
2
Copyright
1987
Publisher
Springer Netherlands
Copyright Holder
D. Reidel Publishing Company
eBook ISBN
978-94-009-4698-9
DOI
10.1007/978-94-009-4698-9
Hardcover ISBN
978-90-277-2275-1
Softcover ISBN
978-94-010-8589-2
Edition Number
1
Number of Pages
XV, 330
Topics