On the consistency of risk acceptance criteria with normative theories for decision-making

被引:26
作者
Abrahamsen, E. B. [1 ]
Aven, T. [1 ]
机构
[1] Univ Stavanger, N-4036 Stavanger, Norway
关键词
D O I
10.1016/j.ress.2008.03.021
中图分类号
T [工业技术];
学科分类号
08 ;
摘要
In evaluation of safety in projects it is common to use risk acceptance criteria to support decision-making. In this paper, we discuss to what extent the risk acceptance criteria is in accordance with the normative theoretical framework of the expected utility theory and the rank-dependent utility theory. We show that the use of risk acceptance criteria may violate the independence axiom of the expected utility theory and the comonotonic independence axiom of the rank-dependent utility theory. Hence the use of risk acceptance criteria is not in general consistent with these theories. The level of inconsistency is highest for the expected utility theory. (C) 2008 Elsevier Ltd. All rights reserved.
引用
收藏
页码:1906 / 1910
页数:5
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