The Nature of Risk

Abstract

"Risk" may be defined as a compound measure ofthe probability and magnitude of adverse effect. Important distinctions can be made among six major classes ofhazard (infectious and degenerative diseases; natural catastrophes; failure of large technological systems; discrete, small-scale accidents; low-level, delayed-effect hazards; and sociopolitical disruptions). Decisions about risks meet with four kinds of limitations: of empirical analysis of "the facts", of social value appraisal, of "risk management", and of the assignment of rights and responsibilities.