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Ortwin Renn and Andreas Klinke

JOBNAME: Ansell Torfing PAGE: 1 SESS: 3 OUTPUT: Tue May 17 13:46:57 2016 21. Risk Ortwin Renn and Andreas Klinke INTRODUCTION Recent tendencies have shown that the three “generic” categories of handling risks, that is, risk assessment, management and communication, are not sufficient to understand, analyze and improve the risk governance processes. The characteristics of modern risks require new concepts which are able to deal with a situation in which risks are complex, interconnected and global. This means that besides the “factual” dimension of risk (which

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Elisa Vecchione

12.  Risk analysis Elisa Vecchione 12.1 INTRODUCTION Risk is a dominant critical lens through which societal challenges are refracted. Defined as the combination between the probability of an event and its consequences, risk provides a powerful organizing concept to cope with trade-­off decisions that scientific and technological advances often impose between safety and danger across time (Wildavsky 1979). Risk analysis (RA) originates with the proliferation of environmental, human health and safety risks that, from the 1960s and 1970s, skewed the legislative

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Tracy Mott

JOBNAME: Toporowski PAGE: 1 SESS: 3 OUTPUT: Mon Oct 1 09:59:10 2012 39 Risk Tracy Mott Risk, in economics, has traditionally been taken to be a matter of the variability of a magnitude of wealth or income or of the utility of such a magnitude. To differentiate risk from uncertainty, which also signifies variability, economists have generally followed Frank Knight ([1921] 1985), who defined risk as a situation where the outcomes can be given specific probabilities and uncertainty where specific probabilities cannot be assigned. Knight thus held that risk can be

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Risk analysis in procurement

Evaluating Public–Private Partnerships and Other Procurement Options

Darrin Grimsey and Mervyn K. Lewis

Global Developments in Public Infrastructure Procurement 6.  Risk analysis in procurement THE ISSUES All forms of procurement involve the estimation and assessment of risks. This is especially so in the case of public‒private partnerships (PPPs). In a way, a PPP is all about risk: how risk is evaluated and priced, who bears it and how it is allocated amongst the participants and to third parties, and how the risks are managed. The reason for the centrality of risk is simple. Infrastructure procurement has traditionally been viewed by the public sector

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Andreas Oehler, Tim Herberger, Stefan Wendt and Andreas Höfer

JOBNAME: Micklitz PAGE: 1 SESS: 6 OUTPUT: Fri Aug 14 09:08:39 2015 2. Risk assessment and risk management in economics Andreas Oehler, Tim Herberger, Stefan Wendt and Andreas Höfer It is probable that improbable things will happen. (Aristotle, Rhetoric, Book II, Chapter 24) I. INTRODUCTION Risk is a core aspect of decision-making in economic situations. This covers decision-making on both the corporate and the individual level, and also economic policy making including regulatory issues. However, risk is not limited to economic situations. Instead, risks may

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Edited by Hans-W. Micklitz and Takis Tridimas

Risk and EU Law considers the multiple reasons for the increase in the types and diversity of risks, as well as the potential magnitude of their undesirable effects. The book identifies such reasons as; the openness of liberal societies; market competition; the constant endeavour to innovate; as well as globalization and the impact of new technologies. It also explores topics surrounding the social epistemology of risk observation and management, the role of science in political and judicial decision-making and transnational risk regulation and contractual governance.
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Nicolas Treich

11. Uncertainty and risk Nicolas Treich ABSTRACT Uncertainty is prevalent in policymaking, and is thus an important dimension of policy evaluation and BCA. This chapter introduces the methods and practices to take uncertainty into account in BCA. The pedagogical approach consists in building on the contrast between two related concepts, such as risk versus uncertainty, static versus sequential analysis or ex ante versus ex post BCA. INTRODUCTION Uncertainty is prevalent in policymaking. Take for instance the famous Stern Review (Stern 2007). This review develops

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Finance and risk

The Responsibility of Economists for the Great Recession

Giancarlo Bertocco

Crisis and the Failure of Economic Theory 5.    Finance and risk Monetary Analysis introduces the elements of money on the very ground floor of our analytical structure and abandons the idea that all essential features of economic life can be represented by a barter-economy model. Money prices, money incomes, and saving and investment decisions bearing upon these money incomes, no longer appear as expressions … of quantities of commodities and services and of exchange ratios between them: they acquire a life and an importance of their own, and it has

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Sheila Dow

41  Risk and uncertainty Sheila Dow INTRODUCTION Conventionally, uncertainty is the subset of risk which is not quantifiable. The fundamental issue for economics surrounds the relative size of that subset; for Keynes it was extremely large, whereas for mainstream economics it is small, if not non-existent. In what follows we will (unless otherwise specified) use the term ‘risk’ to refer only to that subset of total risk which is quantifiable. The distinction between risk and uncertainty is central to Keynes’s approach to economics, and is fundamental in

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Anna Masutti and Filippo Tomasello

International Regulation of Non-Military Drones 13.  Insuring drone risk 13.1  INCREASING USE OF DRONES The use of drones is increasingly exponentially. The US Federal Aviation Administration (FAA) projects that seven million Unmanned Aerial Vehicles (UAVs) could fill the sky by 2020 and as many as 2.7 million of them will be used for commercial purposes. 1 By 2025 it is projected that the US commercial drone sector will generate $5 billion in investments. 2 The commercial use of drones ranges from loss adjusting, photography, television, emergency