Using prior risk-related knowledge to support risk management decisions: lessons learnt from a tunneling project.

Science.gov (United States)

Cárdenas, Ibsen Chivatá; Al-Jibouri, Saad S H; Halman, Johannes I M; van de Linde, Wim; Kaalberg, Frank

2014-10-01

The authors of this article have developed six probabilistic causal models for critical risks in tunnel works. The details of the models' development and evaluation were reported in two earlier publications of this journal. Accordingly, as a remaining step, this article is focused on the investigation into the use of these models in a real case study project. The use of the models is challenging given the need to provide information on risks that usually are both project and context dependent. The latter is of particular concern in underground construction projects. Tunnel risks are the consequences of interactions between site- and project-specific factors. Large variations and uncertainties in ground conditions as well as project singularities give rise to particular risk factors with very specific impacts. These circumstances mean that existing risk information, gathered from previous projects, is extremely difficult to use in other projects. This article considers these issues and addresses the extent to which prior risk-related knowledge, in the form of causal models, as the models developed for the investigation, can be used to provide useful risk information for the case study project. The identification and characterization of the causes and conditions that lead to failures and their interactions as well as their associated probabilistic information is assumed to be risk-related knowledge in this article. It is shown that, irrespective of existing constraints on using information and knowledge from past experiences, construction risk-related knowledge can be transferred and used from project to project in the form of comprehensive models based on probabilistic-causal relationships. The article also shows that the developed models provide guidance as to the use of specific remedial measures by means of the identification of critical risk factors, and therefore they support risk management decisions. Similarly, a number of limitations of the models are

Neural Correlates of Feedback Processing in Decision Making under Risk

Directory of Open Access Journals (Sweden)

Beate eSchuermann

2012-07-01

Full Text Available Introduction. Event-related brain potentials (ERP provide important information about the sensitivity of the brain to process varying risks. The aim of the present study was to determine how different risk levels are reflected in decision-related ERPs, namely the feedback-related negativity (FRN and the P300. Material and Methods. 20 participants conducted a probabilistic two-choice gambling task while an electroencephalogram was recorded. Choices were provided between a low-risk option yielding low rewards and low losses and a high-risk option yielding high rewards and high losses. While options differed in expected risks, they were equal in expected values and in feedback probabilities. Results. At the behavioral level, participants were generally risk-averse but modulated their risk-taking behavior according to reward history. An early positivity (P200 was enhanced on negative feedbacks in high-risk compared to low-risk options. With regard to the FRN, there were significant amplitude differences between positive and negative feedbacks in high-risk options, but not in low-risk options. While the FRN on negative feedbacks did not vary with decision riskiness, reduced amplitudes were found for positive feedbacks in high-risk relative to low-risk choices. P300 amplitudes were larger in high-risk decisions, and in an additive way, after negative compared to positive feedback. Discussion. The present study revealed significant influences of risk and valence processing on ERPs. FRN findings suggest that the reward prediction error signal is increased after high-risk decisions. The increased P200 on negative feedback in risky decisions suggests that large negative prediction errors are processed as early as in the P200 time range. The later P300 amplitude is sensitive to feedback valence as well as to the risk of a decision. Thus, the P300 carries additional information for reward processing, mainly the enhanced motivational significance of risky

DECISIONS, METHODS AND TECHNIQUES RELATED TO DECISION SUPPORT SYSTEMS (DSS

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Boghean Florin

2015-07-01

Full Text Available Generalised uncertainty, a phenomenon that today’s managers are facing as part of their professional experience, makes it impossible to anticipate the way the business environment will evolve or what will be the consequences of the decisions they plan to implement. Any decision making process within the company entails the simultaneous presence of a number of economic, technical, juridical, human and managerial variables. The development and the approval of a decision is the result of decision making activities developed by the decision maker and sometimes by a decision support team or/and a decision support system (DSS. These aspects related to specific applications of decision support systems in risk management will be approached in this research paper. Decisions in general and management decisions in particular are associated with numerous risks, due to their complexity and increasing contextual orientation. In each business entity, there are concerns with the implementation of risk management in order to improve the likelihood of meeting objectives, the trust of the parties involved, increase the operational safety and security as well as the protection of the environment, minimise losses, improve organisational resilience in order to diminish the negative impact on the organisation and provide a solid foundation for decision making. Since any business entity is considered to be a wealth generator, the analysis of their performance should not be restricted to financial efficiency alone, but will also encompass their economic efficiency as well. The type of research developed in this paper entails different dimensions: conceptual, methodological, as well as empirical testing. Subsequently, the conducted research entails a methodological side, since the conducted activities have resulted in the presentation of a simulation model that is useful in decision making processes on the capital market. The research conducted in the present paper

Supplementing quantitative risk assessments with a stage addressing the risk understanding of the decision maker

International Nuclear Information System (INIS)

Aven, Terje

2016-01-01

A quantitative probabilistic risk assessment produces a conditional risk description given the knowledge of the analysts (formulated to a large extent through assumptions). However, important aspects of the risk may be concealed in the background knowledge of the analyst and the assumptions. This paper discusses this issue, the main purpose being to present a two-stage risk assessment approach where the second stage addresses the risk understanding of the decision maker. This second-stage is to a large extent qualitative. The approach is novel with its separation between the analysts' conditional risk descriptions using probability judgments, and the decision maker's risk understanding. The approach aims at improving the use of risk assessment in practical decision making by ensuring that the results of the risk assessments are properly interpreted and the key aspects of risk, uncertainty and knowledge are brought to attention for the decision makers. Examples are used to illustrate the approach. - Highlights: • A quantitative risk assessment produces a conditional risk description. • The decision maker (DM) needs to address risk beyond this description. • The paper presents a related two-stage process, covering analyst and DM judgments. • The second stage relates to the DM's risk understanding. • Strength of knowledge judgments are included in both stages.

Decision-making Under Risk in Children, Adolescents, and Adults

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David ePaulsen

2011-04-01

Full Text Available Adolescents often make risky and impulsive decisions. Such behavior has led to the common assumption that a dysfunction in risk-related decision-making peaks during this age. Differences in how risk has been defined across studies, however, make it difficult to draw conclusions about developmental changes in risky decision-making. Here, we developed a non-symbolic economic decision-making task that can be used across a wide age span and that uses coefficient of variation (CV in reward as an index of risk. We found that young children showed the strongest preference for risky compared to sure bet options of equal expected value, adolescents were intermediate in their risk preference, and young adults showed the strongest risk aversion. Furthermore, children’s preference for the risky option increased for larger CVs, while adolescents and young adults showed the opposite pattern, favoring the sure bet more often as CV increased. Finally, when faced with two gambles in a risk-return tradeoff, all three age groups exhibited a greater preference for the option with the lower risk and return as the disparity in risk between the two options increased. These findings demonstrate clear age-related differences in economic risk preferences that vary with choice set and risk. Importantly, adolescence appears to represent an intermediate decision-making phenotype along the transition from childhood to adulthood, rather than an age of heightened preference for economic risk.

Decision-making under risk in children, adolescents, and young adults.

Science.gov (United States)

Paulsen, David J; Platt, Michael L; Huettel, Scott A; Brannon, Elizabeth M

2011-01-01

Adolescents often make risky and impulsive decisions. Such behavior has led to the common assumption that a dysfunction in risk-related decision-making peaks during this age. Differences in how risk has been defined across studies, however, make it difficult to draw conclusions about developmental changes in risky decision-making. Here, we developed a non-symbolic economic decision-making task that can be used across a wide age span and that uses coefficient of variation (CV) in reward as an index of risk. We found that young children showed the strongest preference for risky compared to sure bet options of equal expected value, adolescents were intermediate in their risk preference, and young adults showed the strongest risk aversion. Furthermore, children's preference for the risky option increased for larger CVs, while adolescents and young adults showed the opposite pattern, favoring the sure bet more often as CV increased. Finally, when faced with two gambles in a risk-return tradeoff, all three age groups exhibited a greater preference for the option with the lower risk and return as the disparity in risk between the two options increased. These findings demonstrate clear age-related differences in economic risk preferences that vary with choice set and risk. Importantly, adolescence appears to represent an intermediate decision-making phenotype along the transition from childhood to adulthood, rather than an age of heightened preference for economic risk.

Handbook on Decision Making Vol 2 Risk Management in Decision Making

CERN Document Server

Lu, Jie; Zhang, Guangquan

2012-01-01

This book presents innovative theories, methodologies, and techniques in the field of risk management and decision making. It introduces new research developments and provides a comprehensive image of their potential applications to readers interested in the area. The collection includes: computational intelligence applications in decision making, multi-criteria decision making under risk, risk modelling,forecasting and evaluation, public security and community safety, risk management in supply chain and other business decision making, political risk management and disaster response systems. The book is directed to academic and applied researchers working on risk management, decision making, and management information systems.

Achieving a Risk-Informed Decision-Making Environment at NASA: The Emphasis of NASA's Risk Management Policy

Science.gov (United States)

Dezfuli, Homayoon

2010-01-01

This slide presentation reviews the evolution of risk management (RM) at NASA. The aim of the RM approach at NASA is to promote an approach that is heuristic, proactive, and coherent across all of NASA. Risk Informed Decision Making (RIDM) is a decision making process that uses a diverse set of performance measures along with other considerations within a deliberative process to inform decision making. RIDM is invoked for key decisions such as architecture and design decisions, make-buy decisions, and budget reallocation. The RIDM process and how it relates to the continuous Risk Management (CRM) process is reviewed.

Alternative measures of risk of extreme events in decision trees

International Nuclear Information System (INIS)

Frohwein, H.I.; Lambert, J.H.; Haimes, Y.Y.

1999-01-01

A need for a methodology to control the extreme events, defined as low-probability, high-consequence incidents, in sequential decisions is identified. A variety of alternative and complementary measures of the risk of extreme events are examined for their usability as objective functions in sequential decisions, represented as single- or multiple-objective decision trees. Earlier work had addressed difficulties, related to non-separability, with the minimization of some measures of the risk of extreme events in sequential decisions. In an extension of these results, it is shown how some non-separable measures of the risk of extreme events can be interpreted in terms of separable constituents of risk, thereby enabling a wider class of measures of the risk of extreme events to be handled in a straightforward manner in a decision tree. Also for extreme events, results are given to enable minimax- and Hurwicz-criterion analyses in decision trees. An example demonstrates the incorporation of different measures of the risk of extreme events in a multi-objective decision tree. Conceptual formulations for optimizing non-separable measures of the risk of extreme events are identified as an important area for future investigation

Decision making under ambiguity but not under risk is related to problem gambling severity

NARCIS (Netherlands)

Brevers, Damien; Cleeremans, Axel; Goudriaan, Anna E.; Bechara, Antoine; Kornreich, Charles; Verbanck, Paul; Noël, Xavier

2012-01-01

The aim of the present study was to examine the relationship between problem gambling severity and decision-making situations that vary in two degrees of uncertainty (probability of outcome is known: decision-making under risk; probability of outcome is unknown: decision-making under ambiguity). For

Risk assessment and clinical decision making for colorectal cancer screening.

Science.gov (United States)

Schroy, Paul C; Caron, Sarah E; Sherman, Bonnie J; Heeren, Timothy C; Battaglia, Tracy A

2015-10-01

Shared decision making (SDM) related to test preference has been advocated as a potentially effective strategy for increasing adherence to colorectal cancer (CRC) screening, yet primary care providers (PCPs) are often reluctant to comply with patient preferences if they differ from their own. Risk stratification advanced colorectal neoplasia (ACN) provides a rational strategy for reconciling these differences. To assess the importance of risk stratification in PCP decision making related to test preference for average-risk patients and receptivity to use of an electronic risk assessment tool for ACN to facilitate SDM. Mixed methods, including qualitative key informant interviews and a cross-sectional survey. PCPs at an urban, academic safety-net institution. Screening preferences, factors influencing patient recommendations and receptivity to use of a risk stratification tool. Nine PCPs participated in interviews and 57 completed the survey. Despite an overwhelming preference for colonoscopy by 95% of respondents, patient risk (67%) and patient preferences (63%) were more influential in their decision making than patient comorbidities (31%; P decision making, yet few providers considered risk factors other than age for average-risk patients. Providers were receptive to the use of a risk assessment tool for ACN when recommending an appropriate screening test for select patients. © 2013 John Wiley & Sons Ltd.

Attitudes towards risk in financial decision making

OpenAIRE

Vieira, Pedro Nuno Rino Carreira

2016-01-01

Doutoramento em Gestão Risk and attitudes towards risk play a central role in several areas such as economics and psychology. Interestingly, in economics risk attitudes are addressed under the umbrella of the Utility Theory, while in psychology they are measured by psychometric scales. Risk attitudes in financial decision making are here studied under both approaches with the concern of understanding how they are related. So, I propose a conceptual model that explains risk attitudes, I ...

Risk Decision Making Model for Reservoir Floodwater resources Utilization

Science.gov (United States)

Huang, X.

2017-12-01

Floodwater resources utilization(FRU) can alleviate the shortage of water resources, but there are risks. In order to safely and efficiently utilize the floodwater resources, it is necessary to study the risk of reservoir FRU. In this paper, the risk rate of exceeding the design flood water level and the risk rate of exceeding safety discharge are estimated. Based on the principle of the minimum risk and the maximum benefit of FRU, a multi-objective risk decision making model for FRU is constructed. Probability theory and mathematical statistics method is selected to calculate the risk rate; C-D production function method and emergy analysis method is selected to calculate the risk benefit; the risk loss is related to flood inundation area and unit area loss; the multi-objective decision making problem of the model is solved by the constraint method. Taking the Shilianghe reservoir in Jiangsu Province as an example, the optimal equilibrium solution of FRU of the Shilianghe reservoir is found by using the risk decision making model, and the validity and applicability of the model are verified.

Divide and Conquer: A Valid Approach for Risk Assessment and Decision Making under Uncertainty for Groundwater-Related Diseases

Science.gov (United States)

Sanchez-Vila, X.; de Barros, F.; Bolster, D.; Nowak, W.

2010-12-01

Assessing the potential risk of hydro(geo)logical supply systems to human population is an interdisciplinary field. It relies on the expertise in fields as distant as hydrogeology, medicine, or anthropology, and needs powerful translation concepts to provide decision support and policy making. Reliable health risk estimates need to account for the uncertainties in hydrological, physiological and human behavioral parameters. We propose the use of fault trees to address the task of probabilistic risk analysis (PRA) and to support related management decisions. Fault trees allow decomposing the assessment of health risk into individual manageable modules, thus tackling a complex system by a structural “Divide and Conquer” approach. The complexity within each module can be chosen individually according to data availability, parsimony, relative importance and stage of analysis. The separation in modules allows for a true inter- and multi-disciplinary approach. This presentation highlights the three novel features of our work: (1) we define failure in terms of risk being above a threshold value, whereas previous studies used auxiliary events such as exceedance of critical concentration levels, (2) we plot an integrated fault tree that handles uncertainty in both hydrological and health components in a unified way, and (3) we introduce a new form of stochastic fault tree that allows to weaken the assumption of independent subsystems that is required by a classical fault tree approach. We illustrate our concept in a simple groundwater-related setting.

INTERIM REPORT IMPROVED METHODS FOR INCORPORATING RISK IN DECISION MAKING

Energy Technology Data Exchange (ETDEWEB)

Clausen, M. J.; Fraley, D. W.; Denning, R. S.

1980-08-01

This paper reports observations and preliminary investigations in the first phase of a research program covering methodologies for making safety-related decisions. The objective has been to gain insight into NRC perceptions of the value of formal decision methods, their possible applications, and how risk is, or may be, incorporated in decision making. The perception of formal decision making techniques, held by various decision makers, and what may be done to improve them, were explored through interviews with NRC staff. An initial survey of decision making methods, an assessment of the applicability of formal methods vis-a-vis the available information, and a review of methods of incorporating risk and uncertainty have also been conducted.

Framing effects and risk-sensitive decision making.

Science.gov (United States)

Mishra, Sandeep; Gregson, Margaux; Lalumière, Martin L

2012-02-01

Prospect theory suggests that people are risk-averse when facing gains, but risk-prone when facing losses, a pattern known as the framing effect. Although framing effects have been widely demonstrated, few studies have investigated framing effects under conditions of need. Risk-sensitivity theory predicts that decision makers should prefer high-risk options in situations of high need, when lower risk options are unlikely to meet those needs. In two experiments, we examined (1) whether framing effects occurred in behavioural tasks involving risky decision making from description and decision making from experience, (2) whether participants' risky decision making conformed to the predictions of risk-sensitivity theory, and (3) whether decision framing interacted with conditions of need to influence decision making under risk. The results suggest that under all circumstances, risky decision making conformed to the predictions of risk-sensitivity theory. Framing effects were at least partially demonstrable under all experimental conditions. Finally, negative frames interacted with situations of high need to produce particularly elevated levels of risky choice. Together, the results suggest that risk-sensitivity theory can augment prospect theory to explain choice under conditions of need. ©2011 The British Psychological Society.

Decision process in MCDM with large number of criteria and heterogeneous risk preferences

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Jian Liu

Full Text Available A new decision process is proposed to address the challenge that a large number criteria in the multi-criteria decision making (MCDM problem and the decision makers with heterogeneous risk preferences. First, from the perspective of objective data, the effective criteria are extracted based on the similarity relations between criterion values and the criteria are weighted, respectively. Second, the corresponding types of theoretic model of risk preferences expectations will be built, based on the possibility and similarity between criterion values to solve the problem for different interval numbers with the same expectation. Then, the risk preferences (Risk-seeking, risk-neutral and risk-aversion will be embedded in the decision process. Later, the optimal decision object is selected according to the risk preferences of decision makers based on the corresponding theoretic model. Finally, a new algorithm of information aggregation model is proposed based on fairness maximization of decision results for the group decision, considering the coexistence of decision makers with heterogeneous risk preferences. The scientific rationality verification of this new method is given through the analysis of real case. Keywords: Heterogeneous, Risk preferences, Fairness, Decision process, Group decision

Rational group decision making in risk situations

International Nuclear Information System (INIS)

Yoon, M.H.

1987-01-01

Risk management has received increasing attention recently as methods of quantifying risk have been evolving. This is considered a legitimate tendency in the context of the entirety of risk evaluation which connotes both risk quantification and decisions making thereon. A risk-free society does not appear possible; neither could one have zero competing risks or cost versus benefit resulting out of a risk-abatement effort. What further complicates the risk-decision problem is that there exists more than a single decision maker, who claim their own interests associated with risk decision. Furthermore, their risk perceptions are not at all same that the threshold risk levels for a particular actions are varying. In this dissertation, a brief survey on existing action levels for various sort of risk situations including carcinogens, toxic chemicals, etc., is reported on, with emphasis on nuclear risk situation. A decision theoretic approach is then adopted in both individual and group-level risk management. For the purpose of exemplification, multiplicative utility theory is applied for nuclear power risk; attributes derived for this specific purpose are discussed

Neural correlates of value, risk, and risk aversion contributing to decision making under risk.

Science.gov (United States)

Christopoulos, George I; Tobler, Philippe N; Bossaerts, Peter; Dolan, Raymond J; Schultz, Wolfram

2009-10-07

Decision making under risk is central to human behavior. Economic decision theory suggests that value, risk, and risk aversion influence choice behavior. Although previous studies identified neural correlates of decision parameters, the contribution of these correlates to actual choices is unknown. In two different experiments, participants chose between risky and safe options. We identified discrete blood oxygen level-dependent (BOLD) correlates of value and risk in the ventral striatum and anterior cingulate, respectively. Notably, increasing inferior frontal gyrus activity to low risk and safe options correlated with higher risk aversion. Importantly, the combination of these BOLD responses effectively decoded the behavioral choice. Striatal value and cingulate risk responses increased the probability of a risky choice, whereas inferior frontal gyrus responses showed the inverse relationship. These findings suggest that the BOLD correlates of decision factors are appropriate for an ideal observer to detect behavioral choices. More generally, these biological data contribute to the validity of the theoretical decision parameters for actual decisions under risk.

Decision support for utility environmental risk management

International Nuclear Information System (INIS)

Balson, W.E.; Wilson, D.S.

1991-01-01

This paper reviews a number of decision support methods developed and applied by Decision Focus Incorporated to help utility personnel manage current environmental problems. This work has been performed for the Environmental Risk Analysis Program of EPRI's Environment Division, and also for a number of electric utilities across the country. These are two distinct types of decision support software tools that have been created: economic risk management and environmental risk analysis. These types differ primarily in the identification of who will make a decision. Economic risk management tools are directed primarily at decisions made by electric utilities. Environmental risk analysis tools are directed primarily at decisions made by legislative or regulatory agencies, about which a utility may wish to comment

Impaired decision-making under risk in individuals with alcohol dependence

Science.gov (United States)

Brevers, Damien; Bechara, Antoine; Cleeremans, Axel; Kornreich, Charles; Verbanck, Paul; Noël, Xavier

2014-01-01

Background Alcohol dependence is associated with poor decision-making under ambiguity, that is, when decisions are to be made in the absence of known probabilities of reward and loss. However, little is known regarding decisions made by individuals with alcohol dependence in the context of known probabilities (decision under risk). In this study, we investigated the relative contribution of these distinct aspects of decision making to alcohol dependence. Methods Thirty recently detoxified and sober asymptomatic alcohol-dependent individuals, and thirty healthy control participants were tested for decision-making under ambiguity (using the Iowa Gambling Task), and decision-making under-risk (using the Cups Task and Coin Flipping Task). We also tested their capacities for working memory storage (Digit-span Forward), and dual-tasking (Operation-span Task). Results Compared to healthy control participants, alcohol-dependent individuals made disadvantageous decisions on the Iowa Gambling Task, reflecting poor decisions under ambiguity. They also made more risky choices on the Cups and Coin Flipping Tasks reflecting poor decision-making under risk. In addition, alcohol-dependent participants showed some working memory impairments, as measured by the dual tasking, and the degree of this impairment correlated with high-risk decision-making, thus suggesting a relationship between processes sub-serving working memory and risky decisions. Conclusion These results suggest that alcohol dependent individuals are impaired in their ability to decide optimally in multiple facets of uncertainty (i.e., both risk and ambiguity), and that at least some aspects of these deficits are linked to poor working memory processes. PMID:24948198

Risk-based emergency decision support

International Nuclear Information System (INIS)

Koerte, Jens

2003-01-01

In the present paper we discuss how to assist critical decisions taken under complex, contingent circumstances, with a high degree of uncertainty and short time frames. In such sharp-end decision regimes, standard rule-based decision support systems do not capture the complexity of the situation. At the same time, traditional risk analysis is of little use due to variability in the specific circumstances. How then, can an organisation provide assistance to, e.g. pilots in dealing with such emergencies? A method called 'contingent risk and decision analysis' is presented, to provide decision support for decisions under variable circumstances and short available time scales. The method consists of nine steps of definition, modelling, analysis and criteria definition to be performed 'off-line' by analysts, and procedure generation to transform the analysis result into an operational decision aid. Examples of pilots' decisions in response to sudden vibration in offshore helicopter transport method are used to illustrate the approach

Assimilation of public opinions in nuclear decision-making using risk perception

International Nuclear Information System (INIS)

Sohn, K.Y.; Yang, J.W.; Kang, C.S.

2001-01-01

A method of assimilating public opinions in the decision-making process has been developed in this study. The proposed method will resolve the major shortcomings of existing decision-making models, which are deficient in, or missing public participation during the process. In the nuclear-related decision-making process, a particular concern of the public is nuclear safety, which is numerically characterized by risk. In reality, it is the risk that each individual perceives that is very important. Hence, the public perception of risk has been employed as a key decision-making element in representing public opinions. To quantify the public perception of risk, the psychometric model is used. Psychological risk dimensions are first assessed using factor analysis and a set of factors is identified for optimized computation. Expert opinions formulated by a group of selected professionals and experts are then aggregated with the public opinions. To gather public and expert opinions, separate polls were conducted in this study. In the aggregation, the analytic hierarchy process (AHP) and multi-attribute utility analysis (MAUA) were employed, and for uncertainty analysis, a fuzzy set based approach was adopted. This method has been applied to analyze six options for spent fuel management in Korea for a case study. As expected, the results of the case study show that public risk perception is an important element in nuclear-related decision-making processes

Risk related behaviour under different ambient scent conditions

Directory of Open Access Journals (Sweden)

Alina Gagarina

2016-09-01

Full Text Available The article analyses the effect of two ambient scents (peppermint and vanilla and their intensiveness on risk related behaviour that is expressed through selected decision making heuristics. Purpose of the article: The purpose of this article is to identify the relationship of ambient scent type and intensiveness with risk related behaviour that is expressed through selected decision making heuristics. Methodology/methods: 2×2 factorial experiment with control group was run. Ambient scent type (vanilla vs. peppermint and intensiveness (8 (1mg vs. 16 sprays (2mg of scent concentrate in the same room were manipulated as between subject variables. Risk aversion, effect of anchoring heuristic on bidding, and affect (risk and benefit heuristics were tracked as dependent variables. Scientific aim: To identify whether ambient scent type and intensiveness have effect on risk related behaviour. Findings: Evidence suggests that there are effects of ambient scent on risk related behaviour, thus fulfilling the missing gap to relate ambient environment to decision making heuristics when risks are involved. However, not all heuristics were affected by experimental conditions. Subjects were bidding significantly higher amounts under low anchor conditions, when peppermint scent was around (if compared to vanilla group. Affect risk was perceived as lower in peppermint ambient scent conditions, if compared to the control group. Intensity of ambient scent also had influence on affect risk: subjects perceived less risk under high scent intensity conditions. Conclusions: By manipulating ambient scent, marketers may reduce or increase consumers risk perception and behaviour and as a consequence influence their purchase decisions. Marketers could use peppermint scent in high intensiveness in the situations where they want consumers to undertake higher risks (expensive purchases, gambling, insurance, since stakes were higher under peppermint ambient scent condition

The neural bases underlying social risk perception in purchase decisions.

Science.gov (United States)

Yokoyama, Ryoichi; Nozawa, Takayuki; Sugiura, Motoaki; Yomogida, Yukihito; Takeuchi, Hikaru; Akimoto, Yoritaka; Shibuya, Satoru; Kawashima, Ryuta

2014-05-01

Social considerations significantly influence daily purchase decisions, and the perception of social risk (i.e., the anticipated disapproval of others) is crucial in dissuading consumers from making purchases. However, the neural basis for consumers' perception of social risk remains undiscovered, and this novel study clarifies the relevant neural processes. A total of 26 volunteers were scanned while they evaluated purchase intention of products (purchase intention task) and their anticipation of others' disapproval for possessing a product (social risk task), using functional magnetic resonance imaging (fMRI). The fMRI data from the purchase intention task was used to identify the brain region associated with perception of social risk during purchase decision making by using subjective social risk ratings for a parametric modulation analysis. Furthermore, we aimed to explore if there was a difference between participants' purchase decisions and their explicit evaluations of social risk, with reference to the neural activity associated with social risk perception. For this, subjective social risk ratings were used for a parametric modulation analysis on fMRI data from the social risk task. Analysis of the purchase intention task revealed a significant positive correlation between ratings of social risk and activity in the anterior insula, an area of the brain that is known as part of the emotion-related network. Analysis of the social risk task revealed a significant positive correlation between ratings of social risk and activity in the temporal parietal junction and the medial prefrontal cortex, which are known as theory-of-mind regions. Our results suggest that the anterior insula processes consumers' social risk implicitly to prompt consumers not to buy socially unacceptable products, whereas ToM-related regions process such risk explicitly in considering the anticipated disapproval of others. These findings may prove helpful in understanding the mental

The Profitability – Risk Relationship and Financing Decision

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA-MISU

2007-01-01

Full Text Available The enterprise financial decision is a rational process for option to the optimal variant related to financing and investments. For the capital investment to be justified, the profitability of the invested money must be at least equal with the profitability of the alternative investment opportunities with the same risk on market. The choosing of a way for financing is determined on the one side by their cost and on the other side by the existent capital structure. In this paper I tried to analyse the profitability – risk relationship in the financing decision for the “NIKOS” Ltd.

Got risk? risk-centric perspective for spacecraft technology decision-making

Science.gov (United States)

Feather, Martin S.; Cornford, Steven L.; Moran, Kelly

2004-01-01

A risk-based decision-making methodology conceived and developed at JPL and NASA has been used to aid in decision making for spacecraft technology assessment, adoption, development and operation. It takes a risk-centric perspective, through which risks are used as a reasoning step to interpose between mission objectives and risk mitigation measures.

Decision Making under Ambiguity and Objective Risk in Higher Age - A Review on Cognitive and Emotional Contributions.

Science.gov (United States)

Liebherr, Magnus; Schiebener, Johannes; Averbeck, Heike; Brand, Matthias

2017-01-01

The ability of decision making plays a highly relevant role in our survival, but is adversely affected during the process of aging. The present review aims to provide a better understanding of age-related differences in decision making and the role of cognitive and emotional factors in this context. We reviewed the literature about age-effects on decision-making performance, focusing on decision making under ambiguous and objective risk. In decisions under ambiguous risks, as measured by the Iowa Gambling Task, decisions are based on the experiences with consequences. In this case, many articles have attributed age-related impairments in decision making to changes in emotional and somatic reward- and punishment processing. In decisions under objective risks, as measured for example by the Game of Dice Task, decisions can be based on explicit information about risks and consequences. In this case, age-related changes have been attributed mainly to a cognitive decline, particularly impaired executive functions. However, recent findings challenge these conclusions. The present review summarizes neuropsychological and neurophysiological findings of age-related differences in decision making under ambiguous and objective risk. In this context, the relevance of learning, but also of cognitive and emotional contributors - responsible for age-related differences in decision making - are additionally pointed out.

Uncertainties in risk assessment and decision making

International Nuclear Information System (INIS)

Starzec, Peter; Purucker, Tom; Stewart, Robert

2008-02-01

The general concept for risk assessment in accordance with the Swedish model for contaminated soil implies that the toxicological reference value for a given receptor is first back-calculated to a corresponding concentration of a compound in soil and (if applicable) then modified with respect to e.g. background levels, acute toxicity, and factor of safety. This result in a guideline value that is subsequently compared to the observed concentration levels. Many sources of uncertainty exist when assessing whether the risk for a receptor is significant or not. In this study, the uncertainty aspects have been addressed from three standpoints: 1. Uncertainty in the comparison between the level of contamination (source) and a given risk criterion (e.g. a guideline value) and possible implications on subsequent decisions. This type of uncertainty is considered to be most important in situations where a contaminant is expected to be spatially heterogeneous without any tendency to form isolated clusters (hotspots) that can be easily delineated, i.e. where mean values are appropriate to compare to the risk criterion. 2. Uncertainty in spatial distribution of a contaminant. Spatial uncertainty should be accounted for when hotspots are to be delineated and the volume of soil contaminated with levels above a stated decision criterion has to be assessed (quantified). 3. Uncertainty in an ecological exposure model with regard to the moving pattern of a receptor in relation to spatial distribution of contaminant in question. The study points out that the choice of methodology to characterize the relation between contaminant concentration and a pre-defined risk criterion is governed by a conceptual perception of the contaminant's spatial distribution and also depends on the structure of collected data (observations). How uncertainty in transition from contaminant concentration into risk criterion can be quantified was demonstrated by applying hypothesis tests and the concept of

Perception and communication of risk in decision making by persons with dementia.

Science.gov (United States)

Stevenson, Mabel; Savage, Beverley; Taylor, Brian J

2017-01-01

Communication of risks must involve people with dementia meaningfully to ensure informed and inclusive decision-making processes. This qualitative study explored concepts of risk from the perspective of persons with dementia and their experiences of communicating risk with family members and professionals. Data was analysed using grounded theory. Seventeen people in Northern Ireland with mild-moderate dementia who had recently made a decision about their daily life or care involving consideration of risks were interviewed between November 2015 and November 2016. A wide range of actual or feared risks were identified relating to: daily activities; hobbies and socialising; mental health and medicines; and risks to and from others. 'Risk' often held emotional rather than probability connotations. Constructive communications to address issues were presented. Problem-solving models of both active and passive decision-making about risks were evident. Effective risk communication in informed decision-making processes about health and social care is discussed.

Treatment decision-making and the form of risk communication: results of a factorial survey

Directory of Open Access Journals (Sweden)

Holmes-Rovner Margaret

2004-11-01

Full Text Available Abstract Background Prospective users of preventive therapies often must evaluate complex information about therapeutic risks and benefits. The purpose of this study was to evaluate the effect of relative and absolute risk information on patient decision-making in scenarios typical of health information for patients. Methods Factorial experiments within a telephone survey of the Michigan adult, non-institutionalized, English-speaking population. Average interview lasted 23 minutes. Subjects and sample design: 952 randomly selected adults within a random-digit dial sample of Michigan households. Completion rate was 54.3%. Results When presented hypothetical information regarding additional risks of breast cancer from a medication to prevent a bone disease, respondents reduced their willingness to recommend a female friend take the medication compared to the baseline rate (66.8% = yes. The decrease was significantly greater with relative risk information. Additional benefit information regarding preventing heart disease from the medication increased willingness to recommend the medication to a female friend relative to the baseline scenario, but did not differ between absolute and relative risk formats. When information about both increased risk of breast cancer and reduced risk of heart disease were provided, typical respondents appeared to make rational decisions consistent with Expected Utility Theory, but the information presentation format affected choices. Those 11% – 33% making decisions contrary to the medical indications were more likely to be Hispanic, older, more educated, smokers, and to have children in the home. Conclusions In scenarios typical of health risk information, relative risk information led respondents to make non-normative decisions that were "corrected" when the frame used absolute risk information. This population sample made generally rational decisions when presented with absolute risk information, even in the

Risk Communication, Values Clarification, and Vaccination Decisions.

Science.gov (United States)

Witteman, Holly O; Chipenda Dansokho, Selma; Exe, Nicole; Dupuis, Audrey; Provencher, Thierry; Zikmund-Fisher, Brian J

2015-10-01

Many health-related decisions require choosing between two options, each with risks and benefits. When presented with such tradeoffs, people often make choices that fail to align with scientific evidence or with their own values. This study tested whether risk communication and values clarification methods could help parents and guardians make evidence-based, values-congruent decisions about children's influenza vaccinations. In 2013-2014 we conducted an online 2×2 factorial experiment in which a diverse sample of U.S. parents and guardians (n = 407) were randomly assigned to view either standard information about influenza vaccines or risk communication using absolute and incremental risk formats. Participants were then either presented or not presented with an interactive values clarification interface with constrained sliders and dynamic visual feedback. Participants randomized to the risk communication condition combined with the values clarification interface were more likely to indicate intentions to vaccinate (β = 2.10, t(399) = 2.63, p communication and values clarification methods may contribute to increased vaccination intentions, which may, in turn, predict vaccination status if logistical barriers are also addressed. © 2015 Society for Risk Analysis.

Decision support systems and expert systems for risk and safety analysis

International Nuclear Information System (INIS)

Baybutt, P.

1986-01-01

During the last 1-2 years, rapid developments have occurred in the development of decision support systems and expert systems to aid in decision making related to risk and safety of industrial plants. These activities are most noteworthy in the nuclear industry where numerous systems are under development with implementation often being made on personal computers. An overview of some of these developments is provided, and an example of one recently developed decision support system is given. This example deals with CADET, a system developed to aid the U.S. Nuclear Regulatory Commission in making decisions related to the topical issue of source terms resulting from degraded core accidents in light water reactors. The paper concludes with some comments on the likely directions of future developments in decision support systems and expert systems to aid in the management of risk and safety in industrial plants. (author)

Frontal, Striatal, and Medial Temporal Sensitivity to Value Distinguishes Risk-Taking from Risk-Aversive Older Adults during Decision Making.

Science.gov (United States)

Goh, Joshua O S; Su, Yu-Shiang; Tang, Yong-Jheng; McCarrey, Anna C; Tereshchenko, Alexander; Elkins, Wendy; Resnick, Susan M

2016-12-07

Aging compromises the frontal, striatal, and medial temporal areas of the reward system, impeding accurate value representation and feedback processing critical for decision making. However, substantial variability characterizes age-related effects on the brain so that some older individuals evince clear neurocognitive declines whereas others are spared. Moreover, the functional correlates of normative individual differences in older-adult value-based decision making remain unclear. We performed a functional magnetic resonance imaging study in 173 human older adults during a lottery choice task in which costly to more desirable stakes were depicted using low to high expected values (EVs) of points. Across trials that varied in EVs, participants decided to accept or decline the offered stakes to maximize total accumulated points. We found that greater age was associated with less optimal decisions, accepting stakes when losses were likely and declining stakes when gains were likely, and was associated with increased frontal activity for costlier stakes. Critically, risk preferences varied substantially across older adults and neural sensitivity to EVs in the frontal, striatal, and medial temporal areas dissociated risk-aversive from risk-taking individuals. Specifically, risk-averters increased neural responses to increasing EVs as stakes became more desirable, whereas risk-takers increased neural responses with decreasing EV as stakes became more costly. Risk preference also modulated striatal responses during feedback with risk-takers showing more positive responses to gains compared with risk-averters. Our findings highlight the frontal, striatal, and medial temporal areas as key neural loci in which individual differences differentially affect value-based decision-making ability in older adults. Frontal, striatal, and medial temporal functions implicated in value-based decision processing of rewards and costs undergo substantial age-related changes. However, age

Risk-based decision analysis for groundwater operable units

International Nuclear Information System (INIS)

Chiaramonte, G.R.

1995-01-01

This document proposes a streamlined approach and methodology for performing risk assessment in support of interim remedial measure (IRM) decisions involving the remediation of contaminated groundwater on the Hanford Site. This methodology, referred to as ''risk-based decision analysis,'' also supports the specification of target cleanup volumes and provides a basis for design and operation of the groundwater remedies. The risk-based decision analysis can be completed within a short time frame and concisely documented. The risk-based decision analysis is more versatile than the qualitative risk assessment (QRA), because it not only supports the need for IRMs, but also provides criteria for defining the success of the IRMs and provides the risk-basis for decisions on final remedies. For these reasons, it is proposed that, for groundwater operable units, the risk-based decision analysis should replace the more elaborate, costly, and time-consuming QRA

A Multiple Criteria Decision Making Method Based on Relative Value Distances

Directory of Open Access Journals (Sweden)

Shyur Huan-jyh

2015-12-01

Full Text Available This paper proposes a new multiple criteria decision-making method called ERVD (election based on relative value distances. The s-shape value function is adopted to replace the expected utility function to describe the risk-averse and risk-seeking behavior of decision makers. Comparisons and experiments contrasting with the TOPSIS (Technique for Order Preference by Similarity to the Ideal Solution method are carried out to verify the feasibility of using the proposed method to represent the decision makers’ preference in the decision making process. Our experimental results show that the proposed approach is an appropriate and effective MCDM method.

Decision Making under Ambiguity and Objective Risk in Higher Age – A Review on Cognitive and Emotional Contributions

Directory of Open Access Journals (Sweden)

Magnus Liebherr

2017-12-01

Full Text Available The ability of decision making plays a highly relevant role in our survival, but is adversely affected during the process of aging. The present review aims to provide a better understanding of age-related differences in decision making and the role of cognitive and emotional factors in this context. We reviewed the literature about age-effects on decision-making performance, focusing on decision making under ambiguous and objective risk. In decisions under ambiguous risks, as measured by the Iowa Gambling Task, decisions are based on the experiences with consequences. In this case, many articles have attributed age-related impairments in decision making to changes in emotional and somatic reward- and punishment processing. In decisions under objective risks, as measured for example by the Game of Dice Task, decisions can be based on explicit information about risks and consequences. In this case, age-related changes have been attributed mainly to a cognitive decline, particularly impaired executive functions. However, recent findings challenge these conclusions. The present review summarizes neuropsychological and neurophysiological findings of age-related differences in decision making under ambiguous and objective risk. In this context, the relevance of learning, but also of cognitive and emotional contributors – responsible for age-related differences in decision making – are additionally pointed out.

Decision Making under Ambiguity and Objective Risk in Higher Age – A Review on Cognitive and Emotional Contributions

Science.gov (United States)

Liebherr, Magnus; Schiebener, Johannes; Averbeck, Heike; Brand, Matthias

2017-01-01

The ability of decision making plays a highly relevant role in our survival, but is adversely affected during the process of aging. The present review aims to provide a better understanding of age-related differences in decision making and the role of cognitive and emotional factors in this context. We reviewed the literature about age-effects on decision-making performance, focusing on decision making under ambiguous and objective risk. In decisions under ambiguous risks, as measured by the Iowa Gambling Task, decisions are based on the experiences with consequences. In this case, many articles have attributed age-related impairments in decision making to changes in emotional and somatic reward- and punishment processing. In decisions under objective risks, as measured for example by the Game of Dice Task, decisions can be based on explicit information about risks and consequences. In this case, age-related changes have been attributed mainly to a cognitive decline, particularly impaired executive functions. However, recent findings challenge these conclusions. The present review summarizes neuropsychological and neurophysiological findings of age-related differences in decision making under ambiguous and objective risk. In this context, the relevance of learning, but also of cognitive and emotional contributors – responsible for age-related differences in decision making – are additionally pointed out. PMID:29270145

The role of psychological and physiological factors in decision making under risk and in a dilemma

Directory of Open Access Journals (Sweden)

Jonas eFooken

2016-01-01

Full Text Available Different methods to elicit risk attitudes of individuals often provide differing results despite a common theory. Reasons for such inconsistencies may be the different influence of underlying factors in risk-taking decisions. In order to evaluate this conjecture, a better understanding of underlying factors across methods and decision contexts is desirable. In this paper we study the difference in result of two different risk elicitation methods by linking estimates of risk attitudes to gender, age and personality traits, which have been shown to be related. We also investigate the role of these factors during decision-making in a dilemma situation. For these two decision contexts we also investigate the decision-maker's physiological state during the decision, measured by heart rate variability (HRV, which we use as an indicator of emotional involvement. We found that the two elicitation methods provide different individual risk attitude measures which is partly reflected in a different gender effect between the methods. Personality traits explain only relatively little in terms of driving risk attitudes and the difference between methods. We also found that risk taking and the physiological state are related for one of the methods, suggesting that more emotionally involved individuals are more risk averse in the experiment. Finally, we found evidence that personality traits are connected to whether individuals made a decision in the dilemma situation, but risk attitudes and the physiological state were not indicative for the ability to decide in this decision context.

Perceptions of disease risk: from social construction of subjective judgments to rational decision making.

Science.gov (United States)

McRoberts, N; Hall, C; Madden, L V; Hughes, G

2011-06-01

Many factors influence how people form risk perceptions. Farmers' perceptions of risk and levels of risk aversion impact on decision-making about such things as technology adoption and disease management practices. Irrespective of the underlying factors that affect risk perceptions, those perceptions can be summarized by variables capturing impact and uncertainty components of risk. We discuss a new framework that has the subjective probability of disease and the cost of decision errors as its central features, which might allow a better integration of social science and epidemiology, to the benefit of plant disease management. By focusing on the probability and cost (or impact) dimensions of risk, the framework integrates research from the social sciences, economics, decision theory, and epidemiology. In particular, we review some useful properties of expected regret and skill value, two measures of expected cost that are particularly useful in the evaluation of decision tools. We highlight decision-theoretic constraints on the usefulness of decision tools that may partly explain cases of failure of adoption. We extend this analysis by considering information-theoretic criteria that link model complexity and relative performance and which might explain why users reject forecasters that impose even moderate increases in the complexity of decision making despite improvements in performance or accept very simple decision tools that have relatively poor performance.

Multi-Criteria Decision Making for a Spatial Decision Support System on the Analysis of Changing Risk

Science.gov (United States)

Olyazadeh, Roya; van Westen, Cees; Bakker, Wim H.; Aye, Zar Chi; Jaboyedoff, Michel; Derron, Marc-Henri

2014-05-01

Natural hazard risk management requires decision making in several stages. Decision making on alternatives for risk reduction planning starts with an intelligence phase for recognition of the decision problems and identifying the objectives. Development of the alternatives and assigning the variable by decision makers to each alternative are employed to the design phase. Final phase evaluates the optimal choice by comparing the alternatives, defining indicators, assigning a weight to each and ranking them. This process is referred to as Multi-Criteria Decision Making analysis (MCDM), Multi-Criteria Evaluation (MCE) or Multi-Criteria Analysis (MCA). In the framework of the ongoing 7th Framework Program "CHANGES" (2011-2014, Grant Agreement No. 263953) of the European Commission, a Spatial Decision Support System is under development, that has the aim to analyse changes in hydro-meteorological risk and provide support to selecting the best risk reduction alternative. This paper describes the module for Multi-Criteria Decision Making analysis (MCDM) that incorporates monetary and non-monetary criteria in the analysis of the optimal alternative. The MCDM module consists of several components. The first step is to define criteria (or Indicators) which are subdivided into disadvantages (criteria that indicate the difficulty for implementing the risk reduction strategy, also referred to as Costs) and advantages (criteria that indicate the favorability, also referred to as benefits). In the next step the stakeholders can use the developed web-based tool for prioritizing criteria and decision matrix. Public participation plays a role in decision making and this is also planned through the use of a mobile web-version where the general local public can indicate their agreement on the proposed alternatives. The application is being tested through a case study related to risk reduction of a mountainous valley in the Alps affected by flooding. Four alternatives are evaluated in

Risk related behaviour under different ambient scent conditions

OpenAIRE

Alina Gagarina; Indre Pikturniene

2016-01-01

The article analyses the effect of two ambient scents (peppermint and vanilla) and their intensiveness on risk related behaviour that is expressed through selected decision making heuristics. Purpose of the article: The purpose of this article is to identify the relationship of ambient scent type and intensiveness with risk related behaviour that is expressed through selected decision making heuristics. Methodology/methods: 2×2 factorial experiment with control group was run. Ambi...

Risk analysis for decision support in electricity distribution system asset management: methods and frameworks for analysing intangible risks

Energy Technology Data Exchange (ETDEWEB)

Nordgaard, Dag Eirik

2010-04-15

During the last 10 to 15 years electricity distribution companies throughout the world have been ever more focused on asset management as the guiding principle for their activities. Within asset management, risk is a key issue for distribution companies, together with handling of cost and performance. There is now an increased awareness of the need to include risk analyses into the companies' decision making processes. Much of the work on risk in electricity distribution systems has focused on aspects of reliability. This is understandable, since it is surely an important feature of the product delivered by the electricity distribution infrastructure, and it is high on the agenda for regulatory authorities in many countries. However, electricity distribution companies are also concerned with other risks relevant for their decision making. This typically involves intangible risks, such as safety, environmental impacts and company reputation. In contrast to the numerous methodologies developed for reliability risk analysis, there are relatively few applications of structured analyses to support decisions concerning intangible risks, even though they represent an important motivation for decisions taken in electricity distribution companies. The overall objective of this PhD work has been to explore risk analysis methods that can be used to improve and support decision making in electricity distribution system asset management, with an emphasis on the analysis of intangible risks. The main contributions of this thesis can be summarised as: An exploration and testing of quantitative risk analysis (QRA) methods to support decisions concerning intangible risks; The development of a procedure for using life curve models to provide input to QRA models; The development of a framework for risk-informed decision making where QRA are used to analyse selected problems; In addition, the results contribute to clarify the basic concepts of risk, and highlight challenges

A Benefit-Risk Analysis Approach to Capture Regulatory Decision-Making: Multiple Myeloma.

Science.gov (United States)

Raju, G K; Gurumurthi, Karthik; Domike, Reuben; Kazandjian, Dickran; Landgren, Ola; Blumenthal, Gideon M; Farrell, Ann; Pazdur, Richard; Woodcock, Janet

2018-01-01

Drug regulators around the world make decisions about drug approvability based on qualitative benefit-risk analysis. In this work, a quantitative benefit-risk analysis approach captures regulatory decision-making about new drugs to treat multiple myeloma (MM). MM assessments have been based on endpoints such as time to progression (TTP), progression-free survival (PFS), and objective response rate (ORR) which are different than benefit-risk analysis based on overall survival (OS). Twenty-three FDA decisions on MM drugs submitted to FDA between 2003 and 2016 were identified and analyzed. The benefits and risks were quantified relative to comparators (typically the control arm of the clinical trial) to estimate whether the median benefit-risk was positive or negative. A sensitivity analysis was demonstrated using ixazomib to explore the magnitude of uncertainty. FDA approval decision outcomes were consistent and logical using this benefit-risk framework. © 2017 American Society for Clinical Pharmacology and Therapeutics.

The Role of Cumulative Risk Assessment in Decisions about Environmental Justice

Directory of Open Access Journals (Sweden)

Ken Sexton

2010-11-01

Full Text Available There is strong presumptive evidence that people living in poverty and certain racial and ethnic groups bear a disproportionate burden of environmental health risk. Many have argued that conducting formal assessments of the health risk experienced by affected communities is both unnecessary and counterproductive—that instead of analyzing the situation our efforts should be devoted to fixing obvious problems and rectifying observable wrongs. We contend that formal assessment of cumulative health risks from combined effects of chemical and nonchemical stressors is a valuable tool to aid decision makers in choosing risk management options that are effective, efficient, and equitable. If used properly, cumulative risk assessment need not impair decision makers’ discretion, nor should it be used as an excuse for doing nothing in the face of evident harm. Good policy decisions require more than good intentions; they necessitate analysis of risk-related information along with careful consideration of economic issues, ethical and moral principles, legal precedents, political realities, cultural beliefs, societal values, and bureaucratic impediments. Cumulative risk assessment can provide a systematic and impartial means for informing policy decisions about environmental justice.

Decision-Making Competence Predicts Domain-Specific Risk Attitudes

Directory of Open Access Journals (Sweden)

Joshua eWeller

2015-05-01

Full Text Available Decision Making Competence (DMC reflects individual differences in rational responding across several classic behavioral decision-making tasks. Although it has been associated with real-world risk behavior, less is known about the degree to which DMC contributes to specific components of risk attitudes. Utilizing a psychological risk-return framework, we examined the associations between risk attitudes and DMC. Italian community residents (n = 804 completed an online DMC measure, using a subset of the original Adult-DMC battery (A-DMC; Bruine de Bruin, Parker, & Fischhoff, 2007. Participants also completed a self-reported risk attitude measure for three components of risk attitudes (risk-taking, risk perceptions, and expected benefits across six risk domains. Overall, greater performance on the DMC component scales were inversely, albeit modestly, associated with risk-taking tendencies. Structural equation modeling results revealed that DMC was associated with lower perceived expected benefits for all domains. In contrast, its association with perceived risks was more domain-specific. These analyses also revealed stronger indirect effects for the DMC  expected benefits  risk-taking than the DMC  perceived risk  risk-taking path, especially for risk behaviors that may be considered more antisocial in nature. These results suggest that DMC performance differentially impacts specific components of risk attitudes, and may be more strongly related to the evaluation of expected value of the given behavior.

Risk Aversion Relates to Cognitive Ability

DEFF Research Database (Denmark)

Andersson, Ola; Holm, Håkan J.; Tyran, Jean-Robert Karl

2016-01-01

Recent experimental studies suggest that risk aversion is negatively related to cognitive ability. In this paper we report evidence that this relation might be spurious. We recruit a large subject pool drawn from the general Danish population for our experiment. By presenting subjects with choice...... tasks that vary the bias induced by random choices, we are able to generate both negative and positive correlations between risk aversion and cognitive ability. Structural estimation allowing for heterogeneity of noise yields no significant relation between risk aversion and cognitive ability. Our...... results suggest that cognitive ability is related to random decision making, rather than to risk preferences....

Risk aversion relates to cognitive ability

DEFF Research Database (Denmark)

Andersson, Ola; Holm, Håkan J.; Tyran, Jean-Robert Karl

Recent experimental studies suggest that risk aversion is negatively related to cognitive ability. In this paper we report evidence that this relation might be spurious. We recruit a large subject pool drawn from the general Danish population for our experiment. By presenting subjects with choice...... tasks that vary the bias induced by random choices, we are able to generate both negative and positive correlations between risk aversion and cognitive ability. Structural estimation allowing for heterogeneity of noise yields no significant relation between risk aversion and cognitive ability. Our...... results suggest that cognitive ability is related to random decision making rather than to risk preferences....

A risk-based decision-aiding tool for waste disposal

International Nuclear Information System (INIS)

Weiner, R.F.; Reiser, A.S.; Elcock, C.G.; Nevins, S.

1997-01-01

N-CART (the National Spent Nuclear Fuel Program Cost Analysis and Risk Tool) is being developed to aid in low-risk, cost-effective, timely management of radioactive waste and spent nuclear fuel, and can therefore be used in management of mixed waste. N-CART provides evaluation of multiple alternatives and presents the consequences of proposed waste management activities in a clear and concise format. N-CART's decision-aiding analyses include comparisons and sensitivity analyses of multiple alternatives and allows the user to perform quick turn-around open-quotes what ifclose quotes studies to investigate various scenarios. Uncertainties in data (such as cost and schedule of various activities) are represented as distributions. N-CART centralizes documentation of the bases of program alternatives and program decisions, thereby supporting responses to stakeholders concerns. The initial N-CART design considers regulatory requirements, costs, and schedules for alternative courses of action. The final design will include risks (public health, occupational, economic, scheduling), economic benefits, and the impacts of secondary waste generation. An optimization tool is being incorporated that allows the user to specify the relative importance of cost, time risks, and other bases for decisions. The N-CART prototype can be used to compare the costs and schedules of disposal alternatives for mixed low-level radioactive waste (MLLW) and greater-than-Class-C (GTCC) waste, as well as spent nuclear fuel (SNF) and related scrap material

Multi-criteria decision analysis and environmental risk assessment for nanomaterials

International Nuclear Information System (INIS)

Linkov, Igor; Satterstrom, F. Kyle; Steevens, Jeffery; Ferguson, Elizabeth; Pleus, Richard C.

2007-01-01

Nanotechnology is a broad and complex discipline that holds great promise for innovations that can benefit mankind. Yet, one must not overlook the wide array of factors involved in managing nanomaterial development, ranging from the technical specifications of the material to possible adverse effects in humans. Other opportunities to evaluate benefits and risks are inherent in environmental health and safety (EHS) issues related to nanotechnology. However, there is currently no structured approach for making justifiable and transparent decisions with explicit trade-offs between the many factors that need to be taken into account. While many possible decision-making approaches exist, we believe that multi-criteria decision analysis (MCDA) is a powerful and scientifically sound decision analytical framework for nanomaterial risk assessment and management. This paper combines state-of-the-art research in MCDA methods applicable to nanotechnology with a hypothetical case study for nanomaterial management. The example shows how MCDA application can balance societal benefits against unintended side effects and risks, and how it can also bring together multiple lines of evidence to estimate the likely toxicity and risk of nanomaterials given limited information on physical and chemical properties. The essential contribution of MCDA is to link this performance information with decision criteria and weightings elicited from scientists and managers, allowing visualization and quantification of the trade-offs involved in the decision-making process

Multi-criteria decision analysis and environmental risk assessment for nanomaterials

Science.gov (United States)

Linkov, Igor; Satterstrom, F. Kyle; Steevens, Jeffery; Ferguson, Elizabeth; Pleus, Richard C.

2007-08-01

Nanotechnology is a broad and complex discipline that holds great promise for innovations that can benefit mankind. Yet, one must not overlook the wide array of factors involved in managing nanomaterial development, ranging from the technical specifications of the material to possible adverse effects in humans. Other opportunities to evaluate benefits and risks are inherent in environmental health and safety (EHS) issues related to nanotechnology. However, there is currently no structured approach for making justifiable and transparent decisions with explicit trade-offs between the many factors that need to be taken into account. While many possible decision-making approaches exist, we believe that multi-criteria decision analysis (MCDA) is a powerful and scientifically sound decision analytical framework for nanomaterial risk assessment and management. This paper combines state-of-the-art research in MCDA methods applicable to nanotechnology with a hypothetical case study for nanomaterial management. The example shows how MCDA application can balance societal benefits against unintended side effects and risks, and how it can also bring together multiple lines of evidence to estimate the likely toxicity and risk of nanomaterials given limited information on physical and chemical properties. The essential contribution of MCDA is to link this performance information with decision criteria and weightings elicited from scientists and managers, allowing visualization and quantification of the trade-offs involved in the decision-making process.

Probabilistic Risk Assessment for Decision Making During Spacecraft Operations

Science.gov (United States)

Meshkat, Leila

2009-01-01

Decisions made during the operational phase of a space mission often have significant and immediate consequences. Without the explicit consideration of the risks involved and their representation in a solid model, it is very likely that these risks are not considered systematically in trade studies. Wrong decisions during the operational phase of a space mission can lead to immediate system failure whereas correct decisions can help recover the system even from faulty conditions. A problem of special interest is the determination of the system fault protection strategies upon the occurrence of faults within the system. Decisions regarding the fault protection strategy also heavily rely on a correct understanding of the state of the system and an integrated risk model that represents the various possible scenarios and their respective likelihoods. Probabilistic Risk Assessment (PRA) modeling is applicable to the full lifecycle of a space mission project, from concept development to preliminary design, detailed design, development and operations. The benefits and utilities of the model, however, depend on the phase of the mission for which it is used. This is because of the difference in the key strategic decisions that support each mission phase. The focus of this paper is on describing the particular methods used for PRA modeling during the operational phase of a spacecraft by gleaning insight from recently conducted case studies on two operational Mars orbiters. During operations, the key decisions relate to the commands sent to the spacecraft for any kind of diagnostics, anomaly resolution, trajectory changes, or planning. Often, faults and failures occur in the parts of the spacecraft but are contained or mitigated before they can cause serious damage. The failure behavior of the system during operations provides valuable data for updating and adjusting the related PRA models that are built primarily based on historical failure data. The PRA models, in turn

Risk-based systems analysis for emerging technologies: Applications of a technology risk assessment model to public decision making

International Nuclear Information System (INIS)

Quadrel, M.J.; Fowler, K.M.; Cameron, R.; Treat, R.J.; McCormack, W.D.; Cruse, J.

1995-01-01

The risk-based systems analysis model was designed to establish funding priorities among competing technologies for tank waste remediation. The model addresses a gap in the Department of Energy's (DOE's) ''toolkit'' for establishing funding priorities among emerging technologies by providing disciplined risk and cost assessments of candidate technologies within the context of a complete remediation system. The model is comprised of a risk and cost assessment and a decision interface. The former assesses the potential reductions in risk and cost offered by new technology relative to the baseline risk and cost of an entire system. The latter places this critical information in context of other values articulated by decision makers and stakeholders in the DOE system. The risk assessment portion of the model is demonstrated for two candidate technologies for tank waste retrieval (arm-based mechanical retrieval -- the ''long reach arm'') and subsurface barriers (close-coupled chemical barriers). Relative changes from the base case in cost and risk are presented for these two technologies to illustrate how the model works. The model and associated software build on previous work performed for DOE's Office of Technology Development and the former Underground Storage Tank Integrated Demonstration, and complement a decision making tool presented at Waste Management 1994 for integrating technical judgements and non-technical (stakeholder) values when making technology funding decisions

Leadership of risk decision making in a complex, technology organization: The deliberative decision making model

Science.gov (United States)

Flaming, Susan C.

2007-12-01

The continuing saga of satellite technology development is as much a story of successful risk management as of innovative engineering. How do program leaders on complex, technology projects manage high stakes risks that threaten business success and satellite performance? This grounded theory study of risk decision making portrays decision leadership practices at one communication satellite company. Integrated product team (IPT) leaders of multi-million dollar programs were interviewed and observed to develop an extensive description of the leadership skills required to navigate organizational influences and drive challenging risk decisions to closure. Based on the study's findings the researcher proposes a new decision making model, Deliberative Decision Making, to describe the program leaders' cognitive and organizational leadership practices. This Deliberative Model extends the insights of prominent decision making models including the rational (or classical) and the naturalistic and qualifies claims made by bounded rationality theory. The Deliberative Model describes how leaders proactively engage resources to play a variety of decision leadership roles. The Model incorporates six distinct types of leadership decision activities, undertaken in varying sequence based on the challenges posed by specific risks. Novel features of the Deliberative Decision Model include: an inventory of leadership methods for managing task challenges, potential stakeholder bias and debates; four types of leadership meta-decisions that guide decision processes, and aligned organizational culture. Both supporting and constraining organizational influences were observed as leaders managed major risks, requiring active leadership on the most difficult decisions. Although the company's engineering culture emphasized the importance of data-based decisions, the uncertainties intrinsic to satellite risks required expert engineering judgment to be exercised throughout. An investigation into

VALDOR 2006. Values in Decisions on Risk. Proceedings

International Nuclear Information System (INIS)

Andersson, Kjell

2006-09-01

Risk management, whether related to controversial facilities or the quotidian planning and response to disasters, involves a policy development and decision-making process that affects and is influenced by locally bounded communities (e.g. municipalities) as well as communities of interest (e.g. the business community and the anti-nuclear community). Environmental justice is only possible when all community perspectives are valued and incorporated into the risk management decision-making process. This raises issues of fairness such providing adequate resources for communities and ensuring equitable and fair socio-economic and political contexts. Public participation is widely seen as a means to take into account the different aspects of risk in the decision making processes. However, there are many models for public participation. Furthermore, different ideas for participation correlate with different models of democracy. The Symposium addressed theory and overall approaches as well as practical case studies. It gave insight into the problem of transparency in risk assessment and how procedures can be established to clarify the role of values versus facts, and to build trust. The following four our subject areas were covered by the conference: Nuclear waste management; Cleaning-up and remediation of contaminated sites; Risk assessment of mobile telephone systems; and Issues in biotechnology and food safety. Papers in the two first areas have been separately indexed for the database

Safety-related decision making at a nuclear power plant

International Nuclear Information System (INIS)

Vaurio, J.K.

1998-01-01

The decision making environment of an operating nuclear power plant is presented. The organizations involved, their roles and interactions as well as the main influencing factors and decision criteria are described. The focus is on safety-related decisions, and the framework is based on the situation at Loviisa power station. The role of probabilistic safety assessment (PSA) is illustrated with decisions concerning plant modifications, optimization, acceptance of temporary configurations and extended repair times. Suggestions are made for rational and flexible risk-based control of allowed times to operate the plant with some components out of service. (orig.)

Risk assessment and multi-criteria decision-making

International Nuclear Information System (INIS)

Segerstaahl, Boris

1989-01-01

Risk assessment and analysis is connected to the policy framework used in decision-making on issues concerning technological risk. A review of the problems created by different views concerning the fundamental structure of risk concepts is used as a way to describe the structure of risk assessment studies as used in decision-making. The fundamental difference between judgments based on assessments and on perceptions is analyzed in order to explain the dynamics of the decision making process. A proposed effort to study the energy sector as a dynamic endless game implementing a mixed strategy is suggested. (author)

Multi-criteria decision analysis with probabilistic risk assessment for the management of contaminated ground water

International Nuclear Information System (INIS)

Khadam, Ibrahim M.; Kaluarachchi, Jagath J.

2003-01-01

Traditionally, environmental decision analysis in subsurface contamination scenarios is performed using cost-benefit analysis. In this paper, we discuss some of the limitations associated with cost-benefit analysis, especially its definition of risk, its definition of cost of risk, and its poor ability to communicate risk-related information. This paper presents an integrated approach for management of contaminated ground water resources using health risk assessment and economic analysis through a multi-criteria decision analysis framework. The methodology introduces several important concepts and definitions in decision analysis related to subsurface contamination. These are the trade-off between population risk and individual risk, the trade-off between the residual risk and the cost of risk reduction, and cost-effectiveness as a justification for remediation. The proposed decision analysis framework integrates probabilistic health risk assessment into a comprehensive, yet simple, cost-based multi-criteria decision analysis framework. The methodology focuses on developing decision criteria that provide insight into the common questions of the decision-maker that involve a number of remedial alternatives. The paper then explores three potential approaches for alternative ranking, a structured explicit decision analysis, a heuristic approach of importance of the order of criteria, and a fuzzy logic approach based on fuzzy dominance and similarity analysis. Using formal alternative ranking procedures, the methodology seeks to present a structured decision analysis framework that can be applied consistently across many different and complex remediation settings. A simple numerical example is presented to demonstrate the proposed methodology. The results showed the importance of using an integrated approach for decision-making considering both costs and risks. Future work should focus on the application of the methodology to a variety of complex field conditions to

Risk informed decision making - a pre-study

International Nuclear Information System (INIS)

Simola, K.; Pulkkinen, U.

2004-04-01

Examples of risk-informed decisions are establishing maintenance programmes, optimising inspection policies and justifying plant modifications, and revising technical specifications. Applications in daily situations can be such as accepting or rejecting exemptions from technical specifications. The aim of this pre-study was to identify the status of risk-informed decision making at Swedish and Finnish nuclear power plants and nuclear safety authorities. Responses to a questionnaire were obtained either by interviews or by e-mail from two Swedish and two Finnish NPPs, SKI and STUK. The development of a risk-informed decision procedure based on decision analytic ideas is worth recommending. A clear documentation format is a part of such procedure. In order to serve as a basis for final decision, the documentation should include clearly defined decision criteria, qualification of PSA model for the issue under analysis, description of most important uncertainties and assumptions. (au)

VALDOR. Values in decisions on risk. Proceedings

International Nuclear Information System (INIS)

Andersson, Kjell

1999-12-01

This symposium is devoted to decision-making in controversial projects, specifically the need for transparency in risk assessment and decision processes. It should support the further development of transparent decision processes through contribution and cross-fertilisation between different areas of decision making. The sponsoring organisations of the symposium are all active in radioactive waste management, in which risk assessment is a key function. Traditionally, risk assessment has been the domain solely of experts in the different areas of science and technology. However, as radioactive waste programmes in the various countries proceed toward decisions on, for example, site selection, local communities and members of the public are becoming increasingly involved. We must appreciate that moral and ethical values held by individuals and societies in general are equally important as impersonal factual considerations. This is why the name VALDOR, meaning VALues in Decisions On Risk, has been chosen for the symposium. We may even discover that some of the underlying assumptions in seemingly neutral risk assessments are based on value judgements. It is crucial to have procedures that to the extent possible can identify the factual issues and the value issues in the decision-making process. The controversy surrounding the long-term disposal of radioactive waste provides opportunity for discussing these issues. Such discussions, however, should not be limited to radioactive waste, since the issues are relevant to decision making in modern society in a much broader context. Our hope is therefore that the symposium will draw participants also from other areas where decision-making depends on a multitude of disciplines and values. The ultimate goal will be to look at ways to develop more transparent decision processes in a democratic society. We hope the meeting will lead us in this direction. (48 conference contributions have been separately indexed)

Self-Regulation Principles Underlying Risk Perception and Decision Making within the Context of Genomic Testing

Science.gov (United States)

Cameron, Linda D.; Biesecker, Barbara Bowles; Peters, Ellen; Taber, Jennifer M.; Klein, William M. P.

2017-01-01

Advances in theory and research on self-regulation and decision-making processes have yielded important insights into how cognitive, emotional, and social processes shape risk perceptions and risk-related decisions. We examine how self-regulation theory can be applied to inform our understanding of decision-making processes within the context of genomic testing, a clinical arena in which individuals face complex risk information and potentially life-altering decisions. After presenting key principles of self-regulation, we present a genomic testing case example to illustrate how principles related to risk representations, approach and avoidance motivations, emotion regulation, defensive responses, temporal construals, and capacities such as numeric abilities can shape decisions and psychological responses during the genomic testing process. We conclude with implications for using self-regulation theory to advance science within genomic testing and opportunities for how this research can inform further developments in self-regulation theory. PMID:29225669

Self-Regulation Principles Underlying Risk Perception and Decision Making within the Context of Genomic Testing.

Science.gov (United States)

Cameron, Linda D; Biesecker, Barbara Bowles; Peters, Ellen; Taber, Jennifer M; Klein, William M P

2017-05-01

Advances in theory and research on self-regulation and decision-making processes have yielded important insights into how cognitive, emotional, and social processes shape risk perceptions and risk-related decisions. We examine how self-regulation theory can be applied to inform our understanding of decision-making processes within the context of genomic testing, a clinical arena in which individuals face complex risk information and potentially life-altering decisions. After presenting key principles of self-regulation, we present a genomic testing case example to illustrate how principles related to risk representations, approach and avoidance motivations, emotion regulation, defensive responses, temporal construals, and capacities such as numeric abilities can shape decisions and psychological responses during the genomic testing process. We conclude with implications for using self-regulation theory to advance science within genomic testing and opportunities for how this research can inform further developments in self-regulation theory.

Decision on risk-averse dual-channel supply chain under demand disruption

Science.gov (United States)

Yan, Bo; Jin, Zijie; Liu, Yanping; Yang, Jianbo

2018-02-01

We studied dual-channel supply chains using centralized and decentralized decision-making models. We also conducted a comparative analysis of the decisions before and after demand disruption. The study shows that the amount of change in decision-making is a linear function of the amount of demand disruption, and it is independent of the risk-averse coefficient. The optimal sales volume decision of the disturbing supply chain is related to market share and demand disruption in the decentralized decision-making model. The optimal decision is only influenced by demand disruption in the centralized decision-making model. The stability of the sales volume of the two models is related to market share and demand disruption. The optimal system production of the two models shows robustness, but their stable internals are different.

The Role of Intuition in Risk/Benefit Decision-Making in Human Subjects Research.

Science.gov (United States)

Resnik, David B

2017-01-01

One of the key principles of ethical research involving human subjects is that the risks of research to should be acceptable in relation to expected benefits. Institutional review board (IRB) members often rely on intuition to make risk/benefit decisions concerning proposed human studies. Some have objected to using intuition to make these decisions because intuition is unreliable and biased and lacks transparency. In this article, I examine the role of intuition in IRB risk/benefit decision-making and argue that there are practical and philosophical limits to our ability to reduce our reliance on intuition in this process. The fact that IRB risk/benefit decision-making involves intuition need not imply that it is hopelessly subjective or biased, however, since there are strategies that IRBs can employ to improve their decisions, such as using empirical data to estimate the probability of potential harms and benefits, developing classification systems to guide the evaluation of harms and benefits, and engaging in moral reasoning concerning the acceptability of risks.

Decision making in young people at familial risk of depression.

Science.gov (United States)

Mannie, Z N; Williams, C; Browning, M; Cowen, P J

2015-01-01

Major depression is associated with abnormalities in reward processing at neural and behavioural levels. Neural abnormalities in reward have been described in young people at familial risk of depression but behavioural changes in reward-based decision making have been less studied in this group. We studied 63 young people (mean age 18.9 years) with a parent with a diagnosis of major depression but who had never been depressed themselves, that is with a positive family history of depression (the FH+ group). Participants performed the Cambridge Gambling Task (CGT), which provides several measures of decision making including deliberation time, quality of decision making, risk taking, risk adjustment and delay aversion. A control group of 49 age- and gender-matched young people with no history of mood disorder in a first-degree relative undertook the same task. Both FH+ participants and controls had low and equivalent scores on anxiety and depression self-rating scales. Compared to controls, the FH+ participants showed overall lower risk taking, although like controls they made more risky choices as the odds of a favourable outcome increased. No other measures of decision making differed between the two groups. Young people at increased familial risk of depression have altered risk taking that is not accounted for by current affective symptomatology. Lowered risk taking might represent an impairment in reward seeking, which is one of several changes in reward-based behaviours seen in acutely depressed patients; however, our findings suggest that decreased reward seeking could be part of a risk endophenotype for depression.

An Investigation into the Decision Makers's Risk Attitude Index ...

African Journals Online (AJOL)

An Investigation into the Decision Makers's Risk Attitude Index Ranking Technique for Fuzzy Critical Path Analysis. ... Nigerian Journal of Technology ... for a benchmark problem, the decision maker's risk attitude index ranking method produces unrealistic results when the decision maker's attitude towards risk was neutral.

Numeracy Predicts Risk of Pre-Hospital Decision Delay: a Retrospective Study of Acute Coronary Syndrome Survival.

Science.gov (United States)

Petrova, Dafina; Garcia-Retamero, Rocio; Catena, Andrés; Cokely, Edward; Heredia Carrasco, Ana; Arrebola Moreno, Antonio; Ramírez Hernández, José Antonio

2017-04-01

Many patients delay seeking medical attention during acute coronary syndromes (ACS), profoundly increasing their risk for death and major disability. Although research has identified several risk factors, efforts to improve patient decision making have generally been unsuccessful, prompting a call for more research into psychological factors. The purpose of this study is to estimate the relationship between ACS decision delay and numeracy, a factor closely related to general decision making skill and risk literacy. About 5 days after experiencing ACS, 102 survivors (mean age = 58, 32-74) completed a questionnaire including measures of numeracy, decision delay, and other relevant factors (e.g., anxiety, depression, symptom severity, knowledge, demographics). Low patient numeracy was related to longer decision delay, OR = 0.64 [95 % confidence interval (CI) 0.44, 0.92], which was in turn related to higher odds of positive troponin on arrival at the hospital, OR = 1.37 [95 % CI 1.01, 2.01]. Independent of the influence of all other assessed factors, a patient with high (vs. low) numeracy was about four times more likely to seek medical attention within the critical first hour after symptom onset (i.e., OR high-low  = 3.84 [1.127, 11.65]). Numeracy may be one of the largest decision delay risk factors identified to date. Results accord with theories emphasizing potentially pivotal roles of patient deliberation, denial, and outcome understanding during decision making. Findings suggest that brief numeracy assessments may predict which patients are at greater risk for life-threatening decision delay and may also facilitate the design of risk communications that are appropriate for diverse patients who vary in risk literacy.

Strategic insight and age-related goal-neglect influence risky decision-making.

Science.gov (United States)

Westbrook, Andrew; Martins, Bruna S; Yarkoni, Tal; Braver, Todd S

2012-01-01

Maximizing long-run gains often requires taking on some degree of risk, yet decision-makers often exhibit risk aversion (RA), rejecting risky prospects even when these have higher expected value (EV) than safer alternatives. We investigated whether explicit strategy instruction and practice can decrease prepotent RA, and whether aging impacts the efficacy of such an intervention. Participants performed a paired lottery task with options varying in risk and magnitude, both before and after practice with a similar task that encouraged maximization of EV and instruction to use this strategy in risky decisions. In both younger and older adults (OAs), strategy training reduced RA. Although RA was age-equivalent at baseline, larger training effects were observed in younger adults (YAs). These effects were not explained by risk-related (i.e., affective) interference effects or computation ability, but were consistent with a progressive, age-related neglect of the strategy across trials. Our findings suggest that strategy training can diminish RA, but that training efficacy is reduced among OAs, potentially due to goal neglect. We discuss implications for neural mechanisms that may distinguish older and YAs' risky decision-making.

Epistemic risks: challenges in assessment and decision making

DEFF Research Database (Denmark)

Kozine, Igor

. There are calls to revisions ranging from the definition of risk and stretching to the use of risk analysis results in decision making. The talk will centre in answering the following questions: Why conventional approach to risk analysis is challenged? What are alternatives? How to operationalise the inclusion...... of epistemic uncertainty in risk analysis? How to make decisions based on risk analysis results?...

Symposium on risk assessment and adoption of decisions: VALDOR-2001

International Nuclear Information System (INIS)

Kovalevich, O.M.

2001-01-01

The symposium was held in Stockholm (Sweden), 9 - 15 June 2001. Reports involved following fundamental problems: prospects for radioactive waste management, investigations into risk control, risk control and regulations, bases for risk assessment, the role of mass media and participation of the community in adoption of complex decisions. Much attention at the symposium is given to radioactive wastes, radiation sources, risk of chemical plants and risk assessment in biotechnology. Practically all reports were devoted to relations with the community [ru

Logic and Risk as Qualitative and Quantitative Dimensions of Decision-Making Process

Directory of Open Access Journals (Sweden)

Tadeusz Galanc

2016-01-01

Full Text Available Key problems in the field of decision-making have been considered. The authors' aim was to indicate the extremely important for management role of logic and risk in relation to decisions taken under conditions of uncertainty. In the course of the research, the following hypothesis was tested: the complexity of risk is determined by the diversity of reality. The result of this is that in science there is no current study developing a uniform methodology for the assessment of risk. It might even be doubtful whether it can be created. In a certain sense, this is indicated in the article by the discussion about the dimensions of logic and risk apparent in any decisions taken by a man. The paper presents the complexity and diversity of risk assessment on the basis of selected, but essential to the discussed issue, fields of knowledge. This is valid when the numerical or qualitative level of risk is substantial in the context of the analyzed problem. (original abstract

Modelling risk aversion to support decision-making for controlling zoonotic livestock diseases.

Science.gov (United States)

van Asseldonk, M A P M; Bergevoet, R H M; Ge, L

2013-12-01

Zoonotic infectious livestock diseases are becoming a significant burden for both animal and human health and are rapidly gaining the attention of decision-makers who manage public health programmes. If control decisions have only monetary components, governments are generally regarded as being risk-neutral and the intervention strategy with the highest expected benefit (lowest expected net costs) should be preferred. However, preferences will differ and alternative intervention plans will prevail if (human) life and death outcomes are involved. A rational decision framework must therefore consider risk aversion in the decision-maker and controversial values related to public health. In the present study, risk aversion and its impact on both the utility for the monetary component and the utility for the non-monetary component is shown to be an important element when dealing with emerging zoonotic infectious livestock diseases and should not be ignored in the understanding and support of decision-making. The decision framework was applied to several control strategies for the reduction of human cases of brucellosis (Brucella melitensis) originating from sheep in Turkey.

Risk perception, safety goals and regulatory decision-making

International Nuclear Information System (INIS)

Hoegberg, Lars

1998-01-01

Deciding on 'how safe is safe enough?' includes value judgements with implications of an ethical and political nature. As regulators are accountable to governments, parliaments and the general public, regulatory decision-making should be characterized by transparency with respect to how such value judgements are reflected in risk assessments and regulatory decisions. Some approaches in this respect are discussed in the paper, based on more than fifteen years of experience in nuclear regulatory decision-making. Issues discussed include: (1) risk profiles and safety goals associated with severe reactor accidents--individual health risks, societal risks and risk of losing investments; (2) risk profile-based licensing of the Swedish SFR final disposal facility for low and intermediate level radioactive waste

Assessment of major nuclear technologies with decision and risk analysis

International Nuclear Information System (INIS)

Winterfeldt, D. von

1995-01-01

Selecting technologies for major nuclear programs involves several complexities, including multiple stakeholders, multiple conflicting objectives, uncertainties, and risk. In addition, the programmatic risks related to the schedule, cost, and performance of these technologies often become major issues in the selection process. This paper describes a decision analysis approach for addressing these complexities in a logical manner

Economic assessment of flood forecasts for a risk-averse decision-maker

Science.gov (United States)

Matte, Simon; Boucher, Marie-Amélie; Boucher, Vincent; Fortier-Filion, Thomas-Charles

2017-04-01

A large effort has been made over the past 10 years to promote the operational use of probabilistic or ensemble streamflow forecasts. It has also been suggested in past studies that ensemble forecasts might possess a greater economic value than deterministic forecasts. However, the vast majority of recent hydro-economic literature is based on the cost-loss ratio framework, which might be appealing for its simplicity and intuitiveness. One important drawback of the cost-loss ratio is that it implicitly assumes a risk-neutral decision maker. By definition, a risk-neutral individual is indifferent to forecasts' sharpness: as long as forecasts agree with observations on average, the risk-neutral individual is satisfied. A risk-averse individual, however, is sensitive to the level of precision (sharpness) of forecasts. This person is willing to pay to increase his or her certainty about future events. In fact, this is how insurance companies operate: the probability of seeing one's house burn down is relatively low, so the expected cost related to such event is also low. However, people are willing to buy insurance to avoid the risk, however small, of loosing everything. Similarly, in a context where people's safety and property is at stake, the typical decision maker is more risk-averse than risk-neutral. Consequently, the cost-loss ratio is not the most appropriate tool to assess the economic value of flood forecasts. This presentation describes a more realistic framework for assessing the economic value of such forecasts for flood mitigation purposes. Borrowing from economics, the Constant Absolute Risk Aversion utility function (CARA) is the central tool of this new framework. Utility functions allow explicitly accounting for the level of risk aversion of the decision maker and fully exploiting the information related to ensemble forecasts' uncertainty. Three concurrent ensemble streamflow forecasting systems are compared in terms of quality (comparison with

Decisions for Others Are Less Risk-Averse in the Gain Frame and Less Risk-Seeking in the Loss Frame Than Decisions for the Self.

Science.gov (United States)

Zhang, Xiangyi; Liu, Yi; Chen, Xiyou; Shang, Xuesong; Liu, Yongfang

2017-01-01

Despite the fact that people make decisions for others as often as they make decisions for themselves, little is known about how decisions for others are different from those made for the self. In two experiments, we investigated the effect of social distance (i.e., making decisions for oneself, a friend, or a stranger) on risk preferences in both gain and loss situations. We found that people were more risk averse in gain situations when they made decisions for themselves than for a stranger (Studies 1 and 2), but were equally risk averse for themselves and their friends (Study 2). However, people were more risk seeking in loss situations when they made decisions for themselves than for their friends as well as for a stranger, and were more risk seeking for their friends than for a stranger (Study 2). Furthermore, the effect of social distance on risk preferences was stronger in loss than in gain situations. Mediation analysis indicated that outcome-induced loss aversion was responsible for effects of social distance on risk preferences. These findings demonstrate that social distance influences risk preferences via perceived loss aversion, which sheds new light on self-other differences in decision making.

Altered Decision-Making under Risk in Obesity.

Directory of Open Access Journals (Sweden)

Juan F Navas

Full Text Available The negative consequences of energy dense foods are well known, yet people increasingly make unhealthy food choices leading to obesity (i.e., risky decisions. The aims of this study were: [1] to compare performance in decision-making tasks under risk and under ambiguity between individuals with obesity, overweight and normal weight; [2] to examine the associations between body mass index (BMI and decision-making, and the degree to which these associations are modulated by reward sensitivity.Seventy-nine adults were recruited and classified in three groups according to their BMI: obesity, overweight and normal-weight. Groups were similar in terms of age, education and socio-economic status, and were screened for comorbid medical and mental health conditions. Decision-making under risk was measured via the Wheel of Fortune Task (WoFT and decision-making under ambiguity via the Iowa Gambling Task (IGT. Reward sensitivity was indicated by the Sensitivity to Punishment and Sensitivity to Reward Questionnaire (SPSRQ.Individuals with obesity made riskier choices in the WoFT, specifically in choices with an expected value close to zero and in the propensity to risk index. No differences were found in IGT performance or SPSRQ scores. BMI was associated with risk-taking (WoFT performance, independently of reward sensitivity.Obesity is linked to a propensity to make risky decisions in experimental conditions analogous to everyday food choices.

Linking brain electrical signals elicited by current outcomes with future risk decision-making

Directory of Open Access Journals (Sweden)

Dandan eZhang

2014-03-01

Full Text Available The experience of current outcomes influences future decisions in various ways. The neural mechanism of this phenomenon may help to clarify the determinants of decision-making. In this study, thirty-nine young adults finished a risky gambling task by choosing between a high- and a low-risk option in each trial during electroencephalographic data collection. We found that risk-taking strategies significantly modulated mean amplitudes of the event-related potential (ERP component P3, particularly at the central scalp. The event-related spectral perturbation and the inter-trial coherence measurements of the independent component analysis (ICA data indicated that the stay vs. switch electrophysiological difference associated with subsequent decision-making was mainly due to fronto-central theta and left/right mu independent components. Event-related cross-coherence results suggested that the neural information of action monitoring and updating emerged in the fronto-central cortex and propagated to sensorimotor area for further behavior adjustment. Based on these findings of ERP and event-related oscillation (ERO measures, we proposed a neural model of the influence of current outcomes on future decisions.

Risk Stratification and Shared Decision Making for Colorectal Cancer Screening: A Randomized Controlled Trial.

Science.gov (United States)

Schroy, Paul C; Duhovic, Emir; Chen, Clara A; Heeren, Timothy C; Lopez, William; Apodaca, Danielle L; Wong, John B

2016-05-01

Eliciting patient preferences within the context of shared decision making has been advocated for colorectal cancer (CRC) screening, yet providers often fail to comply with patient preferences that differ from their own. To determine whether risk stratification for advanced colorectal neoplasia (ACN) influences provider willingness to comply with patient preferences when selecting a desired CRC screening option. Randomized controlled trial. Asymptomatic, average-risk patients due for CRC screening in an urban safety net health care setting. Patients were randomized 1:1 to a decision aid alone (n= 168) or decision aid plus risk assessment (n= 173) arm between September 2012 and September 2014. The primary outcome was concordance between patient preference and test ordered; secondary outcomes included patient satisfaction with the decision-making process, screening intentions, test completion rates, and provider satisfaction. Although providers perceived risk stratification to be useful in selecting an appropriate screening test for their average-risk patients, no significant differences in concordance were observed between the decision aid alone and decision aid plus risk assessment groups (88.1% v. 85.0%,P= 0.40) or high- and low-risk groups (84.5% v. 87.1%,P= 0.51). Concordance was highest for colonoscopy and relatively low for tests other than colonoscopy, regardless of study arm or risk group. Failure to comply with patient preferences was negatively associated with satisfaction with the decision-making process, screening intentions, and test completion rates. Single-institution setting; lack of provider education about the utility of risk stratification into their decision making. Providers perceived risk stratification to be useful in their decision making but often failed to comply with patient preferences for tests other than colonoscopy, even among those deemed to be at low risk of ACN. © The Author(s) 2016.

Nature Disaster Risk Evaluation with a Group Decision Making Method Based on Incomplete Hesitant Fuzzy Linguistic Preference Relations

Directory of Open Access Journals (Sweden)

Ming Tang

2018-04-01

Full Text Available Because the natural disaster system is a very comprehensive and large system, the disaster reduction scheme must rely on risk analysis. Experts’ knowledge and experiences play a critical role in disaster risk assessment. The hesitant fuzzy linguistic preference relation is an effective tool to express experts’ preference information when comparing pairwise alternatives. Owing to the lack of knowledge or a heavy workload, information may be missed in the hesitant fuzzy linguistic preference relation. Thus, an incomplete hesitant fuzzy linguistic preference relation is constructed. In this paper, we firstly discuss some properties of the additive consistent hesitant fuzzy linguistic preference relation. Next, the incomplete hesitant fuzzy linguistic preference relation, the normalized hesitant fuzzy linguistic preference relation, and the acceptable hesitant fuzzy linguistic preference relation are defined. Afterwards, three procedures to estimate the missing information are proposed. The first one deals with the situation in which there are only n − 1 known judgments involving all the alternatives; the second one is used to estimate the missing information of the hesitant fuzzy linguistic preference relation with more known judgments; while the third procedure is used to deal with ignorance situations in which there is at least one alternative with totally missing information. Furthermore, an algorithm for group decision making with incomplete hesitant fuzzy linguistic preference relations is given. Finally, we illustrate our model with a case study about flood disaster risk evaluation. A comparative analysis is presented to testify the advantage of our method.

Nature Disaster Risk Evaluation with a Group Decision Making Method Based on Incomplete Hesitant Fuzzy Linguistic Preference Relations.

Science.gov (United States)

Tang, Ming; Liao, Huchang; Li, Zongmin; Xu, Zeshui

2018-04-13

Because the natural disaster system is a very comprehensive and large system, the disaster reduction scheme must rely on risk analysis. Experts' knowledge and experiences play a critical role in disaster risk assessment. The hesitant fuzzy linguistic preference relation is an effective tool to express experts' preference information when comparing pairwise alternatives. Owing to the lack of knowledge or a heavy workload, information may be missed in the hesitant fuzzy linguistic preference relation. Thus, an incomplete hesitant fuzzy linguistic preference relation is constructed. In this paper, we firstly discuss some properties of the additive consistent hesitant fuzzy linguistic preference relation. Next, the incomplete hesitant fuzzy linguistic preference relation, the normalized hesitant fuzzy linguistic preference relation, and the acceptable hesitant fuzzy linguistic preference relation are defined. Afterwards, three procedures to estimate the missing information are proposed. The first one deals with the situation in which there are only n-1 known judgments involving all the alternatives; the second one is used to estimate the missing information of the hesitant fuzzy linguistic preference relation with more known judgments; while the third procedure is used to deal with ignorance situations in which there is at least one alternative with totally missing information. Furthermore, an algorithm for group decision making with incomplete hesitant fuzzy linguistic preference relations is given. Finally, we illustrate our model with a case study about flood disaster risk evaluation. A comparative analysis is presented to testify the advantage of our method.

Uncertainty, causality and decision: The case of social risks and nuclear risk in particular

International Nuclear Information System (INIS)

Lahidji, R.

2012-01-01

Probability and causality are two indispensable tools for addressing situations of social risk. Causal relations are the foundation for building risk assessment models and identifying risk prevention, mitigation and compensation measures. Probability enables us to quantify risk assessments and to calibrate intervention measures. It therefore seems not only natural, but also necessary to make the role of causality and probability explicit in the definition of decision problems in situations of social risk. Such is the aim of this thesis.By reviewing the terminology of risk and the logic of public interventions in various fields of social risk, we gain a better understanding of the notion and of the issues that one faces when trying to model it. We further elaborate our analysis in the case of nuclear safety, examining in detail how methods and policies have been developed in this field and how they have evolved through time. This leads to a number of observations concerning risk and safety assessments.Generalising the concept of intervention in a Bayesian network allows us to develop a variety of causal Bayesian networks adapted to our needs. In this framework, we propose a definition of risk which seems to be relevant for a broad range of issues. We then offer simple applications of our model to specific aspects of the Fukushima accident and other nuclear safety problems. In addition to specific lessons, the analysis leads to the conclusion that a systematic approach for identifying uncertainties is needed in this area. When applied to decision theory, our tool evolves into a dynamic decision model in which acts cause consequences and are causally interconnected. The model provides a causal interpretation of Savage's conceptual framework, solves some of its paradoxes and clarifies certain aspects. It leads us to considering uncertainty with regard to a problem's causal structure as the source of ambiguity in decision-making, an interpretation which corresponds to a

NASA Risk-Informed Decision Making Handbook

Science.gov (United States)

Dezfuli, Homayoon; Stamatelatos, Michael; Maggio, Gaspare; Everett, Christopher; Youngblood, Robert; Rutledge, Peter; Benjamin, Allan; Williams, Rodney; Smith, Curtis; Guarro, Sergio

2010-01-01

This handbook provides guidance for conducting risk-informed decision making in the context of NASA risk management (RM), with a focus on the types of direction-setting key decisions that are characteristic of the NASA program and project life cycles, and which produce derived requirements in accordance with existing systems engineering practices that flow down through the NASA organizational hierarchy. The guidance in this handbook is not meant to be prescriptive. Instead, it is meant to be general enough, and contain a sufficient diversity of examples, to enable the reader to adapt the methods as needed to the particular decision problems that he or she faces. The handbook highlights major issues to consider when making decisions in the presence of potentially significant uncertainty, so that the user is better able to recognize and avoid pitfalls that might otherwise be experienced.

Differentiating the influence of incidental anger and fear on risk decision-making.

Science.gov (United States)

Yang, Qiwei; Zhao, Ding; Wu, Yan; Tang, Ping; Gu, Ruolei; Luo, Yue-Jia

2018-02-01

Previous research has revealed that incidental emotions of different valence (positive/negative/neutral) produce distinct impacts on risk decision-making. This study went on to compare the effects of different emotions of which the valence are identical. We focused on anger and fear, both of which are negative emotions but differ in motivational and appraisal dimensions. Participants finished a forced-choice gambling task, during which incidental emotions (anger/fear/happy) were elicited by facial stimuli selected from the Chinese Facial Affective Picture System. Behavioral and event-related potential (ERP) data were recorded in the experiment, which showed that anger and fear were different in their influence on behavioral risk preference and the relationship between outcome processing and subsequent risk decisions. Regarding the behavioral results, risk preference in the anger condition was higher than the fear condition, but lower than the happy condition. Regarding the ERP results elicited by outcome feedback (gain/loss), in the fear condition, the feedback-related negativity (FRN) was positively correlated with risk preference; in the anger condition, the gain-related P3 component was positively correlated with risk preference; in the happy condition, both the FRN and the loss-related P3 was negatively correlated with risk preference. The current findings provide novel insight into distinguishing the effect of different incidental emotions on risk preference. Copyright © 2017 Elsevier Inc. All rights reserved.

Decisions for Others Are Less Risk-Averse in the Gain Frame and Less Risk-Seeking in the Loss Frame Than Decisions for the Self

Science.gov (United States)

Zhang, Xiangyi; Liu, Yi; Chen, Xiyou; Shang, Xuesong; Liu, Yongfang

2017-01-01

Despite the fact that people make decisions for others as often as they make decisions for themselves, little is known about how decisions for others are different from those made for the self. In two experiments, we investigated the effect of social distance (i.e., making decisions for oneself, a friend, or a stranger) on risk preferences in both gain and loss situations. We found that people were more risk averse in gain situations when they made decisions for themselves than for a stranger (Studies 1 and 2), but were equally risk averse for themselves and their friends (Study 2). However, people were more risk seeking in loss situations when they made decisions for themselves than for their friends as well as for a stranger, and were more risk seeking for their friends than for a stranger (Study 2). Furthermore, the effect of social distance on risk preferences was stronger in loss than in gain situations. Mediation analysis indicated that outcome-induced loss aversion was responsible for effects of social distance on risk preferences. These findings demonstrate that social distance influences risk preferences via perceived loss aversion, which sheds new light on self-other differences in decision making. PMID:28966604

Cognitive Processes in Decisions Under Risk Are Not the Same As in Decisions Under Uncertainty

Directory of Open Access Journals (Sweden)

Kirsten G Volz

2012-07-01

Full Text Available We deal with risk versus uncertainty, a distinction that is of fundamental importance for cognitive neuroscience yet largely neglected. In a world of risk (small world, all alternatives, consequences, and probabilities are known. In uncertain (large worlds, some of this information is unknown or unknowable. Most of cognitive neuroscience studies exclusively study the neural correlates for decisions under risk (e.g., lotteries, with the tacit implication that understanding these would lead to an understanding of decision making in general. First, we show that normative strategies for decisions under risk do not generalize to uncertain worlds, where simple heuristics are often the more accurate strategies. Second, we argue that the cognitive processes for making decisions in a world of risk are not the same as those for dealing with uncertainty. Because situations with known risks are the exception rather than the rule in human evolution, it is unlikely that our brains are adapted to them. We therefore suggest a paradigm shift towards studying decision processes in uncertain worlds and provide first examples.

Hanford Site cleanup and transition: Risk data needs for decision making (Hanford risk data gap analysis decision guide)

International Nuclear Information System (INIS)

Gajewski, S.; Glantz, C.; Harper, B.; Bilyard, G.; Miller, P.

1995-10-01

Given the broad array of environmental problems, technical alternatives, and outcomes desired by different stakeholders at Hanford, DOE will have to make difficult resource allocations over the next few decades. Although some of these allocations will be driven purely by legal requirements, almost all of the major objectives of the cleanup and economic transition missions involve choices among alternative pathways. This study examined the following questions: what risk information is needed to make good decisions at Hanford; how do those data needs compare to the set(s) of risk data that will be generated by regulatory compliance activities and various non-compliance studies that are also concerned with risk? This analysis examined the Hanford Site missions, the Hanford Strategic Plan, known stakeholder values, and the most important decisions that have to be made at Hanford to determine a minimum domain of risk information required to make good decisions that will withstand legal, political, and technical scrutiny. The primary risk categories include (1) public health, (2) occupational health and safety, (3) ecological integrity, (4) cultural-religious welfare, and (5) socio-economic welfare

Applied decision analysis and risk evaluation

International Nuclear Information System (INIS)

Ferse, W.; Kruber, S.

1995-01-01

During 1994 the workgroup 'Applied Decision Analysis and Risk Evaluation; continued the work on the knowledge based decision support system XUMA-GEFA for the evaluation of the hazard potential of contaminated sites. Additionally a new research direction was started which aims at the support of a later stage of the treatment of contaminated sites: The clean-up decision. For the support of decisions arising at this stage, the methods of decision analysis will be used. Computational aids for evaluation and decision support were implemented and a case study at a waste disposal site in Saxony which turns out to be a danger for the surrounding groundwater ressource was initiated. (orig.)

Sex and HIV serostatus differences in decision making under risk among substance-dependent individuals.

Science.gov (United States)

Martin, Eileen; Gonzalez, Raul; Vassileva, Jasmin; Maki, Pauline M; Bechara, Antoine; Brand, Matthias

2016-01-01

HIV+ individuals with and without substance use disorders make significantly poorer decisions when information about the probability and magnitude of wins and losses is not available. We administered the Game of Dice Task, a measure of decision making under risk that provides this information explicitly, to 92 HIV+ and 134 HIV- substance-dependent men and women. HIV+ participants made significantly poorer decisions than HIV- participants, but this deficit appeared more prominent among HIV+ women. These data indicate that decision making under risk is impaired among HIV+ substance-dependent individuals (SDIs). Potential factors for the HIV+ women's relatively greater impairment are discussed.

Precautionary principles: a jurisdiction-free framework for decision-making under risk.

Science.gov (United States)

Ricci, Paolo F; Cox, Louis A; MacDonald, Thomas R

2004-12-01

relevance of new information, relative to the initial (and smaller) set of data on which the decision was based. We exemplify this seemingly simple situation using risk management of BSE. As an integral aspect of causal analysis under risk, the methods developed in this paper permit the addition of non-linear, hormetic dose-response models to the current set of regulatory defaults such as the linear, non-threshold models. This increase in the number of defaults is an important improvement because most of the variants of the precautionary principle require cost-benefit balancing. Specifically, increasing the set of causal defaults accounts for beneficial effects at very low doses. We also show and conclude that quantitative risk assessment dominates qualitative risk assessment, supporting the extension of the set of default causal models.

A decision model for the risk management of hazardous processes

International Nuclear Information System (INIS)

Holmberg, J.E.

1997-03-01

A decision model for risk management of hazardous processes as an optimisation problem of a point process is formulated in the study. In the approach, the decisions made by the management are divided into three categories: (1) planned process lifetime, (2) selection of the design and, (3) operational decisions. These three controlling methods play quite different roles in the practical risk management, which is also reflected in our approach. The optimisation of the process lifetime is related to the licensing problem of the process. It provides a boundary condition for a feasible utility function that is used as the actual objective function, i.e., maximizing the process lifetime utility. By design modifications, the management can affect the inherent accident hazard rate of the process. This is usually a discrete optimisation task. The study particularly concentrates upon the optimisation of the operational strategies given a certain design and licensing time. This is done by a dynamic risk model (marked point process model) representing the stochastic process of events observable or unobservable to the decision maker. An optimal long term control variable guiding the selection of operational alternatives in short term problems is studied. The optimisation problem is solved by the stochastic quasi-gradient procedure. The approach is illustrated by a case study. (23 refs.)

Decision principles derived from risk measures

NARCIS (Netherlands)

Goovaerts, M.J.; Kaas, R.; Laeven, R.J.A.

2010-01-01

In this paper, we argue that a distinction exists between risk measures and decision principles. Though both are functionals assigning a real number to a random variable, we think there is a hierarchy between the two concepts. Risk measures operate on the first "level", quantifying the risk in the

Decision making biases in the communication of earthquake risk

Science.gov (United States)

Welsh, M. B.; Steacy, S.; Begg, S. H.; Navarro, D. J.

2015-12-01

L'Aquila, with 6 scientists convicted of manslaughter, shocked the scientific community, leading to urgent re-appraisal of communication methods for low-probability, high-impact events. Before the trial, a commission investigating the earthquake recommended risk assessment be formalised via operational earthquake forecasts and that social scientists be enlisted to assist in developing communication strategies. Psychological research has identified numerous decision biases relevant to this, including hindsight bias, where people (after the fact) overestimate an event's predictability. This affects experts as well as naïve participants as it relates to their ability to construct a plausible causal story rather than the likelihood of the event. Another problem is availability, which causes overestimation of the likelihood of observed rare events due to their greater noteworthiness. This, however, is complicated by the 'description-experience' gap, whereby people underestimate probabilities for events they have not experienced. That is, people who have experienced strong earthquakes judge them more likely while those who have not judge them less likely - relative to actual probabilities. Finally, format changes alter people's decisions. That is people treat '1 in 10,000' as different from 0.01% despite their mathematical equivalence. Such effects fall under the broad term framing, which describes how different framings of the same event alter decisions. In particular, people's attitude to risk depends significantly on how scenarios are described. We examine the effect of biases on the communication of change in risk. South Australian participants gave responses to scenarios describing familiar (bushfire) or unfamiliar (earthquake) risks. While bushfires are rare in specific locations, significant fire events occur each year and are extensively covered. By comparison, our study location (Adelaide) last had a M5 quake in 1954. Preliminary results suggest the description

Perceptions of health risk and smoking decisions of young people.

Science.gov (United States)

Gerking, Shelby; Khaddaria, Raman

2012-07-01

Using the Annenberg Perception of Tobacco Risk Survey 2, this paper finds that perceived risk deters smoking among persons aged 14-22 years who think that it is relatively difficult to quit smoking and that onset of deleterious health effects occurs relatively quickly. Perceived health risk, however, does not affect the smoking status of young people who hold the opposite beliefs. These results are consistent with predictions of rational addiction models and suggest that young people, who view smoking as more addictive and health effects as more immediate, may have greater incentive to consider long-term health effects in their decision to smoke. Copyright © 2011 John Wiley & Sons, Ltd.

A decision analysis approach for risk management of near-earth objects

Science.gov (United States)

Lee, Robert C.; Jones, Thomas D.; Chapman, Clark R.

2014-10-01

order to examine the impact of uncertainties. Finally, the need for further analysis, data collection, or refinement is determined. The first steps of defining the problem and the objectives are critical to constructing an informative decision analysis. Such steps must be undertaken with participation from experts, decision-makers, and stakeholders (defined here as "decision participants"). The basic problem here can be framed as: “What is the best strategy to manage risk associated with NEOs?” Some high-level objectives might be to minimize: mortality and injuries, damage to critical infrastructure (e.g., power, communications and food distribution), ecosystem damage, property damage, ungrounded media and public speculation, resources expended, and overall cost. Another valuable objective would be to maximize inter-agency/government coordination. Some of these objectives (e.g., “minimize mortality”) are readily quantified (e.g., deaths and injuries averted). Others are less so (e.g., “maximize inter-agency/government coordination”), but these can be scaled. Objectives may be inversely related: e.g., a strategy that minimizes mortality may cost more. They are also unlikely to be weighted equally. Defining objectives and assessing their relative weight and interactions requires early engagement with decision participants. High-level decisions include whether to deflect a NEO, when to deflect, what is the best alternative for deflection/destruction, and disaster management strategies if an impact occurs. Important influences include, for example: NEO characteristics (orbital characteristics, diameter, mass, spin and composition), impact probability and location, interval between discovery and projected impact date, interval between discovery and deflection target date, costs of information collection, costs and technological feasibility of deflection alternatives, risks of deflection campaigns, requirements for inter-agency and international cooperation, and

Risk taking and adult attention deficit/hyperactivity disorder: A gap between real life behavior and experimental decision making.

Science.gov (United States)

Pollak, Yehuda; Shalit, Reut; Aran, Adi

2018-01-01

Adults with attention deficit/hyperactivity disorder (ADHD) are prone to suboptimal decision making and risk taking. The aim of this study was to test performance on a theoretically-based probabilistic decision making task in well-characterized adults with and without ADHD, and examine the relation between experimental risk taking and history of real-life risk-taking behavior, defined as cigarette, alcohol, and street drug use. University students with and without ADHD completed a modified version of the Cambridge Gambling Test, in which they had to choose between alternatives varied by level of risk, and reported their history of substance use. Both groups showed similar patterns of risk taking on the experimental decision making task, suggesting that ADHD is not linked to low sensitivity to risk. Past and present substance use was more prevalent in adults with ADHD. These finding question the validity of experimental probabilistic decision making task as a valid model for ADHD-related risk-taking behavior. Copyright © 2017 Elsevier B.V. All rights reserved.

Risk perception and clinical decision making in primary care

DEFF Research Database (Denmark)

Barfoed, Benedicte Marie Lind

2015-01-01

Objectives We aim to present new knowledge about different perspectives of health care professionals’ risk perceptions and clinical decision making. Furthermore, we intend to discuss differences between professional and personal risk perceptions and the impact on decisions in terms of both short...... and long-term outcomes. Background Insight into healthcare professionals’ perception of risk is a cornerstone for understanding their strategies for practising preventive care. The way people perceive risk can be seen as part of a general personality trait influenced by a mixture of individual...... considerations and the specific context. Most research has been focused on understanding of the concepts of risk. However healthcare professionals’ risk perception and personal attitudes also affect their clinical decision-making and risk communication. The differences between health care professionals’ personal...

Strategic Risk Assessment: A Decision Tool for Complex Decisions

Energy Technology Data Exchange (ETDEWEB)

Pollard, Simon; Duarte-Davidson, Raquel; Yearsley, Roger [Environment Agency, London (United Kingdom). National Centre for Risk Analysis and Options Appraisal; Kemp, Ray; Crawford, Mark [Galson Sciences Limited, Oakham (United Kingdom)

2001-07-01

Reporting on the state of the environment often requires policy makers and regulators to prioritise a range of diverse environmental issues for the purpose of directing future action on environmental protection and improvement. Information on environmental issues to inform this type of analysis can be disparate, it may be too voluminous or even absent. Data on a range of issues are rarely presented in a common format that allows easy comparison. Nevertheless, strategic judgements are required on the significance of impacts from various environmental pressures and on the inherent uncertainties. Prioritising issues forces a discussion among stakeholders of the relative significance of 'environmental harm' from pressures acting on various receptors in the environment. Discussions of this sort rapidly evolve into a discourse on risks and values. In an attempt to help systematise these discussions and provide practical tools for the analysis of environmental risks at a strategic level, the Environment Agency of England and Wales has initiated developmental research on strategic risk assessment. The tools developed under this research use the concept of 'environmental harm' as a common currency, viewed from technical, social and economic perspectives, to analyse impacts from a range of environmental pressures. Critical to an informed debate is an understanding and analysis both of the various characteristics of harm (spatial and temporal extent, reversibility, latency, etc.) and of the social response to the actual or potential environmental harm. Recent developments in this approach allow a presentation of the analysis in a structured fashion so as to better inform risk management decisions. Here, we present recent developments in the strategic risk assessment research tool, as tested by case studies from state of the environment reporting and the analysis of a regional environmental plan. We discuss its relative advantages and limitations and its

Strategic Risk Assessment: A Decision Tool for Complex Decisions

International Nuclear Information System (INIS)

Pollard, Simon; Duarte-Davidson, Raquel; Yearsley, Roger

2001-01-01

Reporting on the state of the environment often requires policy makers and regulators to prioritise a range of diverse environmental issues for the purpose of directing future action on environmental protection and improvement. Information on environmental issues to inform this type of analysis can be disparate, it may be too voluminous or even absent. Data on a range of issues are rarely presented in a common format that allows easy comparison. Nevertheless, strategic judgements are required on the significance of impacts from various environmental pressures and on the inherent uncertainties. Prioritising issues forces a discussion among stakeholders of the relative significance of 'environmental harm' from pressures acting on various receptors in the environment. Discussions of this sort rapidly evolve into a discourse on risks and values. In an attempt to help systematise these discussions and provide practical tools for the analysis of environmental risks at a strategic level, the Environment Agency of England and Wales has initiated developmental research on strategic risk assessment. The tools developed under this research use the concept of 'environmental harm' as a common currency, viewed from technical, social and economic perspectives, to analyse impacts from a range of environmental pressures. Critical to an informed debate is an understanding and analysis both of the various characteristics of harm (spatial and temporal extent, reversibility, latency, etc.) and of the social response to the actual or potential environmental harm. Recent developments in this approach allow a presentation of the analysis in a structured fashion so as to better inform risk management decisions. Here, we present recent developments in the strategic risk assessment research tool, as tested by case studies from state of the environment reporting and the analysis of a regional environmental plan. We discuss its relative advantages and limitations and its wider potential role

Importance of risk comparison for individual and societal decision-making after the Fukushima disaster.

Science.gov (United States)

Murakami, Michio

2018-01-30

Risk comparison is essential for effective societal and individual decision-making. After the Fukushima disaster, studies compared radiation and other disaster-related risks to determine the effective prioritizing of measures for response. Evaluating the value of risk comparison information can enable effective risk communication. In this review, the value of risk comparison after the Fukushima disaster for societal and individual decision-making is discussed while clarifying the concept of radiation risk assessment at low doses. The objectives of radiation risk assessment are explained within a regulatory science framework, including the historical adoption of the linear non-threshold theory. An example of risk comparison (i.e. radiation risk versus evacuation-related risk in nursing homes) is used to discuss the prioritization of pre-disaster measures. The effective communication of risk information by authorities is discussed with respect to group-based and face-to-face approaches. Furthermore, future perspectives regarding radiation risk comparisons are discussed. © The Author(s) 2018. Published by Oxford University Press on behalf of The Japan Radiation Research Society and Japanese Society for Radiation Oncology.

Does a reactor need a safety backfit. Case study on communicating decision and risk analysis information to managers

Energy Technology Data Exchange (ETDEWEB)

Brown, R.V.; Ulvila, J.W.

1988-06-01

An approach to communicating decision and risk analysis findings to managers is illustrated in a real case context. This article consists essentially of a report prepared for senior managers of the Nuclear Regulatory Commission to help them make a reactor safety decision. It illustrates the communication of decision analysis findings relating to technical risks, costs, and benefits in support of a major risk management decision: whether or not to require a safety backfit. Its focus is on the needs of decision makers, and it introduces some novel communication devices.

Multicriteria Decision Framework for Cybersecurity Risk Assessment and Management.

Science.gov (United States)

Ganin, Alexander A; Quach, Phuoc; Panwar, Mahesh; Collier, Zachary A; Keisler, Jeffrey M; Marchese, Dayton; Linkov, Igor

2017-09-05

Risk assessors and managers face many difficult challenges related to novel cyber systems. Among these challenges are the constantly changing nature of cyber systems caused by technical advances, their distribution across the physical, information, and sociocognitive domains, and the complex network structures often including thousands of nodes. Here, we review probabilistic and risk-based decision-making techniques applied to cyber systems and conclude that existing approaches typically do not address all components of the risk assessment triplet (threat, vulnerability, consequence) and lack the ability to integrate across multiple domains of cyber systems to provide guidance for enhancing cybersecurity. We present a decision-analysis-based approach that quantifies threat, vulnerability, and consequences through a set of criteria designed to assess the overall utility of cybersecurity management alternatives. The proposed framework bridges the gap between risk assessment and risk management, allowing an analyst to ensure a structured and transparent process of selecting risk management alternatives. The use of this technique is illustrated for a hypothetical, but realistic, case study exemplifying the process of evaluating and ranking five cybersecurity enhancement strategies. The approach presented does not necessarily eliminate biases and subjectivity necessary for selecting countermeasures, but provides justifiable methods for selecting risk management actions consistent with stakeholder and decisionmaker values and technical data. Published 2017. This article is a U.S. Government work and is in the public domain in the U.S.A.

The treatment of uncertainties in risk for regulatory decision making

International Nuclear Information System (INIS)

Baybutt, P.; Cox, D.C.; Denning, R.S.; Kurth, R.E.; Fraley, D.W.; Heaberlin, S.W.

1982-01-01

This paper describes research conducted in an ongoing program at Battelle to develop and adapt decision analysis methods for regulatory decision making. A general approach to risk-based decision making is discussed. The nature of uncertainties in risk assessment is described and methods for their inclusion in decision making are proposed. The use of decision analysis methods in regulatory decision making and the consideration of uncertainties is illustrated in a realistic case study

Optimising risk reduction: An expected utility approach for marginal risk reduction during regulatory decision making

International Nuclear Information System (INIS)

Li Jiawei; Pollard, Simon; Kendall, Graham; Soane, Emma; Davies, Gareth

2009-01-01

In practice, risk and uncertainty are essentially unavoidable in many regulation processes. Regulators frequently face a risk-benefit trade-off since zero risk is neither practicable nor affordable. Although it is accepted that cost-benefit analysis is important in many scenarios of risk management, what role it should play in a decision process is still controversial. One criticism of cost-benefit analysis is that decision makers should consider marginal benefits and costs, not present ones, in their decision making. In this paper, we investigate the problem of regulatory decision making under risk by applying expected utility theory and present a new approach of cost-benefit analysis. Directly taking into consideration the reduction of the risks, this approach achieves marginal cost-benefit analysis. By applying this approach, the optimal regulatory decision that maximizes the marginal benefit of risk reduction can be considered. This provides a transparent and reasonable criterion for stakeholders involved in the regulatory activity. An example of evaluating seismic retrofitting alternatives is provided to demonstrate the potential of the proposed approach.

Aid decision algorithms to estimate the risk in congenital heart surgery.

Science.gov (United States)

Ruiz-Fernández, Daniel; Monsalve Torra, Ana; Soriano-Payá, Antonio; Marín-Alonso, Oscar; Triana Palencia, Eddy

2016-04-01

In this paper, we have tested the suitability of using different artificial intelligence-based algorithms for decision support when classifying the risk of congenital heart surgery. In this sense, classification of those surgical risks provides enormous benefits as the a priori estimation of surgical outcomes depending on either the type of disease or the type of repair, and other elements that influence the final result. This preventive estimation may help to avoid future complications, or even death. We have evaluated four machine learning algorithms to achieve our objective: multilayer perceptron, self-organizing map, radial basis function networks and decision trees. The architectures implemented have the aim of classifying among three types of surgical risk: low complexity, medium complexity and high complexity. Accuracy outcomes achieved range between 80% and 99%, being the multilayer perceptron method the one that offered a higher hit ratio. According to the results, it is feasible to develop a clinical decision support system using the evaluated algorithms. Such system would help cardiology specialists, paediatricians and surgeons to forecast the level of risk related to a congenital heart disease surgery. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Risk-based decision making for terrorism applications.

Science.gov (United States)

Dillon, Robin L; Liebe, Robert M; Bestafka, Thomas

2009-03-01

This article describes the anti-terrorism risk-based decision aid (ARDA), a risk-based decision-making approach for prioritizing anti-terrorism measures. The ARDA model was developed as part of a larger effort to assess investments for protecting U.S. Navy assets at risk and determine whether the most effective anti-terrorism alternatives are being used to reduce the risk to the facilities and war-fighting assets. With ARDA and some support from subject matter experts, we examine thousands of scenarios composed of 15 attack modes against 160 facility types on two installations and hundreds of portfolios of 22 mitigation alternatives. ARDA uses multiattribute utility theory to solve some of the commonly identified challenges in security risk analysis. This article describes the process and documents lessons learned from applying the ARDA model for this application.

Risk-based decision making and risk management of European Union regional programs

Directory of Open Access Journals (Sweden)

Michalopoulos Evangelos

2008-01-01

Full Text Available This paper presents a generalized method for management decision making incorporating risk assessment techniques. The risk based decision making methodology is applied to European Union expenditure programs used to implement its regional policy, such as the community support framework, community initiatives, special initiatives and other European policies. An example is presented for the development of an audit (inspection program in the region of West Macedonia, Greece, during the implementation of the 3rd Community Structural Support Framework Operational Program. The generic nature of the method permits its use in the management of similar European regional programs in Greece and other European countries. It is also applicable to many other industries interested in applying risk-based management decisions to physical or process based systems. .

A new approach to hazardous materials transportation risk analysis: decision modeling to identify critical variables.

Science.gov (United States)

Clark, Renee M; Besterfield-Sacre, Mary E

2009-03-01

We take a novel approach to analyzing hazardous materials transportation risk in this research. Previous studies analyzed this risk from an operations research (OR) or quantitative risk assessment (QRA) perspective by minimizing or calculating risk along a transport route. Further, even though the majority of incidents occur when containers are unloaded, the research has not focused on transportation-related activities, including container loading and unloading. In this work, we developed a decision model of a hazardous materials release during unloading using actual data and an exploratory data modeling approach. Previous studies have had a theoretical perspective in terms of identifying and advancing the key variables related to this risk, and there has not been a focus on probability and statistics-based approaches for doing this. Our decision model empirically identifies the critical variables using an exploratory methodology for a large, highly categorical database involving latent class analysis (LCA), loglinear modeling, and Bayesian networking. Our model identified the most influential variables and countermeasures for two consequences of a hazmat incident, dollar loss and release quantity, and is one of the first models to do this. The most influential variables were found to be related to the failure of the container. In addition to analyzing hazmat risk, our methodology can be used to develop data-driven models for strategic decision making in other domains involving risk.

Risk communication: Translating technically complex information to facilitate informed decision-making

International Nuclear Information System (INIS)

Sprecher, W.M.; Turner, E.

1991-01-01

Based on a review of risk communication and related literature, including policy material, this paper describes the newly revamped risk management program of the DOE's Office of Civilian Radioactive Waste Management (OCRWM), and some of the risk-related issues being confronted as the high-level waste management program moves forward. It also describes preliminary activities underway in which the OCRWM is developing strategies for risk communication. The authors offer a definition of risk management as comprised by the components of risk assessment and risk communication. The paper explores the discrepant views that experts and nonexperts have with respect to what constitutes a valid risk assessment model. By illustrating differences in the assessment of risk by experts and lay people, the paper demonstrates how these differences can create challenges in communicating risk and making decisions about risk. Finally, the paper discusses ways in which risk communication could be enhance, and elaborates on the OCRWM's commitment to improve its overall risk management efforts

Perceived risks around choice and decision making at end-of-life: a literature review.

Science.gov (United States)

Wilson, F; Gott, M; Ingleton, C

2013-01-01

the World Health Organization identifies meeting patient choice for care as central to effective palliative care delivery. Little is known about how choice, which implies an objective balancing of options and risks, is understood and enacted through decision making at end-of-life. to explore how perceptions of 'risk' may inform decision-making processes at end-of-life. an integrative literature review was conducted between January and February 2010. Papers were reviewed using Hawker et al.'s criteria and evaluated according to clarity of methods, analysis and evidence of ethical consideration. All literature was retained as background data, but given the significant international heterogeneity the final analysis specifically focused on the UK context. the databases Medline, PsycINFO, Assia, British Nursing Index, High Wire Press and CINAHL were explored using the search terms decision*, risk, anxiety, hospice and palliative care, end-of-life care and publication date of 1998-2010. thematic analysis of 25 papers suggests that decision making at end-of-life is multifactorial, involving a balancing of risks related to caregiver support; service provider resources; health inequalities and access; challenges to information giving; and perceptions of self-identity. Overall there is a dissonance in understandings of choice and decision making between service providers and service users. the concept of risk acknowledges the factors that shape and constrain end-of-life choices. Recognition of perceived risks as a central factor in decision making would be of value in acknowledging and supporting meaningful decision making processes for patients with palliative care needs and their families.

Endogenous Risks and Learning in Climate Change Decision Analysis

International Nuclear Information System (INIS)

O'Neill, B.C.; Ermoliev, Y.; Ermolieva, T.

2005-01-01

We analyze the effects of risks and learning on climate change decisions. A two-stage, dynamic, climate change stabilization problem is formulated. The explicit incorporation of ex-post learning induces risk aversion among ex-ante decisions, which is characterized in linear models by VaR- (Value at Risk) and CVaR-type risk (Conditional Value at Risk) measures. Combined with explicit introduction of 'safety' constraints, it creates a 'hit-or-miss' type decision making situation and shows that, even in linear models, learning may lead to either less or more restrictive ex-ante emission reductions. We analyze stylized elements of the model in order to identify the key factors driving outcomes, in particular, the critical role of quantiles of probability distributions characterizing key uncertainties

Selecting a risk-based tool to aid in decision making

Energy Technology Data Exchange (ETDEWEB)

Bendure, A.O.

1995-03-01

Selecting a risk-based tool to aid in decision making is as much of a challenge as properly using the tool once it has been selected. Failure to consider customer and stakeholder requirements and the technical bases and differences in risk-based decision making tools will produce confounding and/or politically unacceptable results when the tool is used. Selecting a risk-based decisionmaking tool must therefore be undertaken with the same, if not greater, rigor than the use of the tool once it is selected. This paper presents a process for selecting a risk-based tool appropriate to a set of prioritization or resource allocation tasks, discusses the results of applying the process to four risk-based decision-making tools, and identifies the ``musts`` for successful selection and implementation of a risk-based tool to aid in decision making.

The relationship between burnout and risk-taking in workplace decision-making and decision-making style

OpenAIRE

Michailidis, E; Banks, AP

2016-01-01

The study aimed to investigate what type of decision styles are exhibited by employees who experience burnout. Using a Work Risk Inventory (WRI), developed for this study, which included generic workplace scenarios, it was also explored whether employees experiencing burnout take more risky decisions. Risk was conceptualised as the adoption of threatening decisions towards one’s reputation at work, job performance and job security. The mediating effect of the likelihood and seriousness of the...

Emotion regulation and risk taking: predicting risky choice in deliberative decision making.

Science.gov (United States)

Panno, Angelo; Lauriola, Marco; Figner, Bernd

2013-01-01

Only very recently has research demonstrated that experimentally induced emotion regulation strategies (cognitive reappraisal and expressive suppression) affect risky choice (e.g., Heilman et al., 2010). However, it is unknown whether this effect also operates via habitual use of emotion regulation strategies in risky choice involving deliberative decision making. We investigated the role of habitual use of emotion regulation strategies in risky choice using the "cold" deliberative version of the Columbia Card Task (CCT; Figner et al., 2009). Fifty-three participants completed the Emotion Regulation Questionnaire (ERQ; Gross & John, 2003) and--one month later--the CCT and the PANAS. Greater habitual cognitive reappraisal use was related to increased risk taking, accompanied by decreased sensitivity to changes in probability and loss amount. Greater habitual expressive suppression use was related to decreased risk taking. The results show that habitual use of reappraisal and suppression strategies predict risk taking when decisions involve predominantly cognitive-deliberative processes.

Decision-Making Under Risk: Integrating Perspectives From Biology, Economics, and Psychology.

Science.gov (United States)

Mishra, Sandeep

2014-08-01

Decision-making under risk has been variably characterized and examined in many different disciplines. However, interdisciplinary integration has not been forthcoming. Classic theories of decision-making have not been amply revised in light of greater empirical data on actual patterns of decision-making behavior. Furthermore, the meta-theoretical framework of evolution by natural selection has been largely ignored in theories of decision-making under risk in the human behavioral sciences. In this review, I critically examine four of the most influential theories of decision-making from economics, psychology, and biology: expected utility theory, prospect theory, risk-sensitivity theory, and heuristic approaches. I focus especially on risk-sensitivity theory, which offers a framework for understanding decision-making under risk that explicitly involves evolutionary considerations. I also review robust empirical evidence for individual differences and environmental/situational factors that predict actual risky decision-making that any general theory must account for. Finally, I offer steps toward integrating various theoretical perspectives and empirical findings on risky decision-making. © 2014 by the Society for Personality and Social Psychology, Inc.

Pathways: patient-centred decision counselling for women at risk of cancer-related infertility: a protocol for a comparative effectiveness cluster randomised trial.

Science.gov (United States)

Woodard, Terri Lynn; Hoffman, Aubri S; Crocker, Laura C; Holman, Deborah A; Hoffman, Derek B; Ma, Jusheng; Bassett, Roland L; Leal, Viola B; Volk, Robert J

2018-02-21

National guidelines recommend that all reproductive-age women with cancer be informed of their fertility risks and offered referral to fertility specialists to discuss fertility preservation options. However, reports indicate that only 5% of patients have consultations, and rates of long-term infertility-related distress remain high. Previous studies report several barriers to fertility preservation; however, initial success has been reported using provider education, patient decision aids and navigation support. This protocol will test effects of a multicomponent intervention compared with usual care on women's fertility preservation knowledge and decision-making outcomes. This cluster-randomised trial will compare the multicomponent intervention (provider education, patient decision aid and navigation support) with usual care (consultation and referral, if requested). One hundred newly diagnosed English-speaking women of reproductive age who are at risk of cancer-related infertility will be recruited from four regional oncology clinics.The Pathways patient decision aid website provides (1) up-to-date evidence and descriptions of fertility preservation and other family-building options, tailored to cancer type; (2) structured guidance to support personalising the information and informed decision-making; and (3) a printable summary to help women prepare for discussions with their oncologist and/or fertility specialist. Four sites will be randomly assigned to intervention or control groups. Participants will be recruited after their oncology consultation and asked to complete online questionnaires at baseline, 1 week and 2 months to assess their demographics, fertility preservation knowledge, and decision-making process and quality. The primary outcome (decisional conflict) will be tested using Fisher's exact test. Secondary outcomes will be assessed using generalised linear mixed models, and sensitivity analyses will be conducted, as appropriate. The University of

Decision making for breast cancer prevention among women at elevated risk.

Science.gov (United States)

Padamsee, Tasleem J; Wills, Celia E; Yee, Lisa D; Paskett, Electra D

2017-03-24

Several medical management approaches have been shown to be effective in preventing breast cancer and detecting it early among women at elevated risk: 1) prophylactic mastectomy; 2) prophylactic oophorectomy; 3) chemoprevention; and 4) enhanced screening routines. To varying extents, however, these approaches are substantially underused relative to clinical practice recommendations. This article reviews the existing research on the uptake of these prevention approaches, the characteristics of women who are likely to use various methods, and the decision-making processes that underlie the differing choices of women. It also highlights important areas for future research, detailing the types of studies that are particularly needed in four key areas: documenting women's perspectives on their own perceptions of risk and prevention decisions; explicit comparisons of available prevention pathways and their likely health effects; the psychological, interpersonal, and social processes of prevention decision making; and the dynamics of subgroup variation. Ultimately, this research could support the development of interventions that more fully empower women to make informed and values-consistent decisions, and to move towards favorable health outcomes.

Benefit-Risk Analysis for Decision-Making: An Approach.

Science.gov (United States)

Raju, G K; Gurumurthi, K; Domike, R

2016-12-01

The analysis of benefit and risk is an important aspect of decision-making throughout the drug lifecycle. In this work, the use of a benefit-risk analysis approach to support decision-making was explored. The proposed approach builds on the qualitative US Food and Drug Administration (FDA) approach to include a more explicit analysis based on international standards and guidance that enables aggregation and comparison of benefit and risk on a common basis and a lifecycle focus. The approach is demonstrated on six decisions over the lifecycle (e.g., accelerated approval, withdrawal, and traditional approval) using two case studies: natalizumab for multiple sclerosis (MS) and bedaquiline for multidrug-resistant tuberculosis (MDR-TB). © 2016 American Society for Clinical Pharmacology and Therapeutics.

Perceptions of corporate cyber risks and insurance decision-making

NARCIS (Netherlands)

De Smidt, Guido; Botzen, Wouter

This study provides an analysis of individual perceptions of cyber risks amongst professional decision makers. Data are collected using a survey of corporate professionals who are engaged in risk and insurance decision-making in various functional roles mainly in large companies. The study focuses

Risk Management and Insurance Decisions under Ambiguity

DEFF Research Database (Denmark)

Martínez-Correa, Jimmy

I study the impact of ambiguity on insurance decisions and the optimality of insurance contracts. My tractable approach allows me to study the interaction between risk and ambiguity attitudes. When insurance decisions are made independently of other assets, for a given increase in wealth, both risk...... portfolio theory that assumes Subjective Expected Utility theory; however, it provides hints to a possible solution of the under-diversification puzzle of households. I also identify conditions under which more risk or ambiguity aversion decreases the demand for coinsurance. Additionally, I show...... a counterexample to a classical result in insurance economics where an insurance contract with straight deductible is dominated by a coinsurance contract. Finally, I find that a modified Borch rule characterizes the optimal insurance contract with bilateral risk and ambiguity attitudes and heterogeneity in beliefs....

Multi Criteria Evaluation Module for RiskChanges Spatial Decision Support System

Science.gov (United States)

Olyazadeh, Roya; Jaboyedoff, Michel; van Westen, Cees; Bakker, Wim

2015-04-01

Multi-Criteria Evaluation (MCE) module is one of the five modules of RiskChanges spatial decision support system. RiskChanges web-based platform aims to analyze changes in hydro-meteorological risk and provides tools for selecting the best risk reduction alternative. It is developed under CHANGES framework (changes-itn.eu) and INCREO project (increo-fp7.eu). MCE tool helps decision makers and spatial planners to evaluate, sort and rank the decision alternatives. The users can choose among different indicators that are defined within the system using Risk and Cost Benefit analysis results besides they can add their own indicators. Subsequently the system standardizes and prioritizes them. Finally, the best decision alternative is selected by using the weighted sum model (WSM). The Application of this work is to facilitate the effect of MCE for analyzing changing risk over the time under different scenarios and future years by adopting a group decision making into practice and comparing the results by numeric and graphical view within the system. We believe that this study helps decision-makers to achieve the best solution by expressing their preferences for strategies under future scenarios. Keywords: Multi-Criteria Evaluation, Spatial Decision Support System, Weighted Sum Model, Natural Hazard Risk Management

A model of pathways to artificial superintelligence catastrophe for risk and decision analysis

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Barrett, Anthony M.; Baum, Seth D.

2017-03-01

An artificial superintelligence (ASI) is an artificial intelligence that is significantly more intelligent than humans in all respects. Whilst ASI does not currently exist, some scholars propose that it could be created sometime in the future, and furthermore that its creation could cause a severe global catastrophe, possibly even resulting in human extinction. Given the high stakes, it is important to analyze ASI risk and factor the risk into decisions related to ASI research and development. This paper presents a graphical model of major pathways to ASI catastrophe, focusing on ASI created via recursive self-improvement. The model uses the established risk and decision analysis modelling paradigms of fault trees and influence diagrams in order to depict combinations of events and conditions that could lead to AI catastrophe, as well as intervention options that could decrease risks. The events and conditions include select aspects of the ASI itself as well as the human process of ASI research, development and management. Model structure is derived from published literature on ASI risk. The model offers a foundation for rigorous quantitative evaluation and decision-making on the long-term risk of ASI catastrophe.

Integrating LCA and Risk Assessment for Decision Support

DEFF Research Database (Denmark)

Dong, Yan; Miraglia, Simona; Manzo, Stefano

The study aims at developing a methodology using decision analysis theory and tools to find the optimal policy (or design) of the studied system, to ensure both sustainability and meanwhile manage risks.......The study aims at developing a methodology using decision analysis theory and tools to find the optimal policy (or design) of the studied system, to ensure both sustainability and meanwhile manage risks....

An Integrated Web-based Decision Support System in Disaster Risk Management

Science.gov (United States)

Aye, Z. C.; Jaboyedoff, M.; Derron, M. H.

2012-04-01

Nowadays, web based decision support systems (DSS) play an essential role in disaster risk management because of their supporting abilities which help the decision makers to improve their performances and make better decisions without needing to solve complex problems while reducing human resources and time. Since the decision making process is one of the main factors which highly influence the damages and losses of society, it is extremely important to make right decisions at right time by combining available risk information with advanced web technology of Geographic Information System (GIS) and Decision Support System (DSS). This paper presents an integrated web-based decision support system (DSS) of how to use risk information in risk management efficiently and effectively while highlighting the importance of a decision support system in the field of risk reduction. Beyond the conventional systems, it provides the users to define their own strategies starting from risk identification to the risk reduction, which leads to an integrated approach in risk management. In addition, it also considers the complexity of changing environment from different perspectives and sectors with diverse stakeholders' involvement in the development process. The aim of this platform is to contribute a part towards the natural hazards and geosciences society by developing an open-source web platform where the users can analyze risk profiles and make decisions by performing cost benefit analysis, Environmental Impact Assessment (EIA) and Strategic Environmental Assessment (SEA) with the support of others tools and resources provided. There are different access rights to the system depending on the user profiles and their responsibilities. The system is still under development and the current version provides maps viewing, basic GIS functionality, assessment of important infrastructures (e.g. bridge, hospital, etc.) affected by landslides and visualization of the impact

Risk concepts in UK nuclear safety decision-making

International Nuclear Information System (INIS)

Brighton, P.W.M.

2001-01-01

This paper discusses the concept of risk as understood in the UK, with particular reference to the use of probabilistic safety assessment (PSA) in nuclear safety decision making. The way 'risk' appears in UK fundamental legislation means that the concept cannot be limited to evaluation of numerical probabilities of physical harm. Rather the focus is on doing all that is reasonably practicable to reduce risks: this entails applying relevant good practice and then seeking further safety measures until the money, time and trouble required are grossly disproportionate to the residual risk. PSA is used to inform rather than dictate such decisions. This approach is reinforced by considering how far any practical PSA can be said to measure risk. The behaviour of complex socio-technical systems such as nuclear power stations does not meet the conditions under which probability theory can be applied in an absolutely objective statistical sense. Risk is not an intrinsic real property of such systems. Rather PSA is a synthesis of data and subjective expert judgements, dependent on the extent of detailed knowledge of the plant. There are many other aspects of engineering judgement involved in safety decisions which cannot be so captured. (author)

Impaired decision-making under risk is associated with gaming-specific inhibition deficits among college students with Internet gaming disorder.

Science.gov (United States)

Yao, Yuan-Wei; Wang, Ling-Jiao; Yip, Sarah W; Chen, Pin-Ru; Li, Song; Xu, Jiansong; Zhang, Jin-Tao; Deng, Lin-Yuan; Liu, Qin-Xue; Fang, Xiao-Yi

2015-09-30

A growing body of evidence indicates that both inhibition and decision-making deficits play essential roles in the development and maintenance of Internet gaming disorder (IGD). Clarifying whether impaired decision-making among individuals with IGD is related to poor inhibition will advance our understanding of IGD and contribute to intervention development. However, the relationship between these two functions remains unclear. In this study, we sought to systemically examine inhibitory processes, decision-making and the relationship between the two among individuals with IGD. Thirty-four individuals with IGD and 32 matched healthy controls (HCs) were recruited. In comparison to HCs, IGD subjects demonstrated inhibition deficits during performance of the gaming-related Go/No-Go task and impaired decision-making under risk. In addition, errors on No-Go trials during the gaming-related Go/No-Go task were positively associated with decision-making impairments under risk but not under ambiguity among IGD subjects. These results suggest individuals with IGD are impaired in some aspects of inhibition and decision-making functions, and that decision-making deficits under risk are linked to poor inhibition specifically related to gaming cues, which has implications for the development of novel intervention. Copyright © 2015 Elsevier Ireland Ltd. All rights reserved.

Incorporating stand level risk management options into forest decision support systems

Directory of Open Access Journals (Sweden)

Kyle Eyvindson

2018-01-01

Full Text Available Aim of study: To examine methods of incorporating risk and uncertainty to stand level forest decisions. Area of study: A case study examines a small forest holding from Jönköping, Sweden. Material and methods: We incorporate empirically estimated uncertainty into the simulation through a Monte Carlo approach when simulating the forest stands for the next 100 years. For the iterations of the Monte Carlo approach, errors were incorporated into the input data which was simulated according to the Heureka decision support system. Both the Value at Risk and the Conditional Value at Risk of the net present value are evaluated for each simulated stand. Main results: Visual representation of the errors can be used to highlight which decision would be most beneficial dependent on the decision maker’s opinion of the forest inventory results. At a stand level, risk preferences can be rather easily incorporated into the current forest decision support software. Research highlights: Forest management operates under uncertainty and risk. Methods are available to describe this risk in an understandable fashion for the decision maker.

Decision making under explicit risk is impaired in individuals with human immunodeficiency virus (HIV).

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Fujiwara, Esther; Tomlinson, Sara E; Purdon, Scot E; Gill, M John; Power, Christopher

2015-01-01

Human immunodeficiency virus (HIV) can affect the frontal-striatal brain regions, which are known to subserve decision-making functions. Previous studies have reported impaired decision making among HIV+ individuals using the Iowa Gambling Task, a task that assesses decision making under ambiguity. Previous study populations often had significant comorbidities such as past or present substance use disorders and/or hepatitis C virus coinfection, complicating conclusions about the unique contributions of HIV-infection to decision making. Decision making under explicit risk has very rarely been examined in HIV+ individuals and was tested here using the Game of Dice Task (GDT). We examined decision making under explicit risk in the GDT in 20 HIV+ individuals without substance use disorder or HCV coinfection, including a demographically matched healthy control group (n = 20). Groups were characterized on a standard neuropsychological test battery. For the HIV+ group, several disease-related parameters (viral load, current and nadir CD4 T-cell count) were included. Analyses focused on the GDT and spanned between-group (t-tests; analysis of covariance, ANCOVA) as well as within-group comparisons (Pearson/Spearman correlations). HIV+ individuals were impaired in the GDT, compared to healthy controls (p = .02). Their decision-making impairments were characterized by less advantageous choices and more random choice strategies, especially towards the end of the task. Deficits in the GDT in the HIV+ group were related to executive dysfunctions, slowed processing/motor speed, and current immune system status (CD4+ T-cell levels, ps Decision making under explicit risk in the GDT can occur in HIV-infected individuals without comorbidities. The correlational patterns may point to underlying fronto-subcortical dysfunctions in HIV+ individuals. The GDT provides a useful measure to assess risky decision making in this population and should be tested in larger studies.

The precautionary principle and/or risk assessment in World Trade Organization decisions: a possible role for risk perception.

Science.gov (United States)

Goldstein, Bernard; Carruth, Russellyn S

2004-04-01

Risk analysis has been recognized and validated in World Trade Organization (WTO) decision processes. In recent years the precautionary principle has been proposed as an additional or alternative approach to standard risk assessment. The precautionary principle has also been advocated by some who see it as part of postmodern democracy in which more power is given to the public on health and safety matters relative to the judgments of technocrats. A more cynical view is that the precautionary principle is particularly championed by the European Community as a means to erect trade barriers. The WTO ruling against the European Community's trade barrier against beef from hormone-treated cattle seemed to support the use of risk assessment and appeared to reject the argument that the precautionary principle was a legitimate basis for trade barriers. However, a more recent WTO decision on asbestos contains language suggesting that the precautionary principle, in the form of taking into account public perception, may be acceptable as a basis for a trade barrier. This decision, if followed in future WTO trade disputes, such as for genetically modified foods, raises many issues central to the field of risk analysis. It is too early to tell whether the precautionary principle will become accepted in WTO decisions, either as a supplement or a substitute for standard risk assessment. But it would undermine the value of the precautionary principle if this principle were misused to justify unwarranted trade barriers.

Risk analysis as a decision tool

International Nuclear Information System (INIS)

Yadigaroglu, G.; Chakraborty, S.

1985-01-01

From 1983 - 1985 a lecture series entitled ''Risk-benefit analysis'' was held at the Swiss Federal Institute of Technology (ETH), Zurich, in cooperation with the Central Department for the Safety of Nuclear Installations of the Swiss Federal Agency of Energy Economy. In that setting the value of risk-oriented evaluation models as a decision tool in safety questions was discussed on a broad basis. Experts of international reputation from the Federal Republic of Germany, France, Canada, the United States and Switzerland have contributed to report in this joint volume on the uses of such models. Following an introductory synopsis on risk analysis and risk assessment the book deals with practical examples in the fields of medicine, nuclear power, chemistry, transport and civil engineering. Particular attention is paid to the dialogue between analysts and decision makers taking into account the economic-technical aspects and social values. The recent chemical disaster in the Indian city of Bhopal again signals the necessity of such analyses. All the lectures were recorded individually. (orig./HP) [de

Decision theory, the context for risk and reliability analysis

International Nuclear Information System (INIS)

Kaplan, S.

1985-01-01

According to this model of the decision process then, the optimum decision is that option having the largest expected utility. This is the fundamental model of a decision situation. It is necessary to remark that in order for the model to represent a real-life decision situation, it must include all the options present in that situation, including, for example, the option of not deciding--which is itself a decision, although usually not the optimum one. Similarly, it should include the option of delaying the decision while the authors gather further information. Both of these options have probabilities, outcomes, impacts, and utilities like any option and should be included explicitly in the decision diagram. The reason for doing a quantitative risk or reliability analysis is always that, somewhere underlying there is a decision to be made. The decision analysis therefore always forms the context for the risk or reliability analysis, and this context shapes the form and language of that analysis. Therefore, they give in this section a brief review of the well-known decision theory diagram

The dynamics of change in decision making under risk

Directory of Open Access Journals (Sweden)

Milićević Aleksandar

2007-01-01

Full Text Available The goal of this study was to investigate the dynamics of decision making under risk. In three experiments this dynamics have been explored with respect to probability of outcome and with respect to frame, i.e. the way the outcomes of the alternatives have been specified. The process of decision making was explored within a framework of expected utility and Prospect theory. The outcomes of alternatives as well as their probabilities were quantitatively specified (so that the expected value of a risk alternative was equal to the value of a non-risk alternative. The results of experiments indicate that the attitude towards risk (risk-proneness vs. risk-averseness depends on the outcome probability and the way the outcomes were specified (i.e. positive/negative frame. It was also demonstrated that content strongly affects the choices made in decision making. This outcome is somewhat unexpected and requires additional empirical evaluation.

Modifiable risk factors predicting major depressive disorder at four year follow-up: a decision tree approach.

Science.gov (United States)

Batterham, Philip J; Christensen, Helen; Mackinnon, Andrew J

2009-11-22

Relative to physical health conditions such as cardiovascular disease, little is known about risk factors that predict the prevalence of depression. The present study investigates the expected effects of a reduction of these risks over time, using the decision tree method favoured in assessing cardiovascular disease risk. The PATH through Life cohort was used for the study, comprising 2,105 20-24 year olds, 2,323 40-44 year olds and 2,177 60-64 year olds sampled from the community in the Canberra region, Australia. A decision tree methodology was used to predict the presence of major depressive disorder after four years of follow-up. The decision tree was compared with a logistic regression analysis using ROC curves. The decision tree was found to distinguish and delineate a wide range of risk profiles. Previous depressive symptoms were most highly predictive of depression after four years, however, modifiable risk factors such as substance use and employment status played significant roles in assessing the risk of depression. The decision tree was found to have better sensitivity and specificity than a logistic regression using identical predictors. The decision tree method was useful in assessing the risk of major depressive disorder over four years. Application of the model to the development of a predictive tool for tailored interventions is discussed.

Modifiable risk factors predicting major depressive disorder at four year follow-up: a decision tree approach

Directory of Open Access Journals (Sweden)

Christensen Helen

2009-11-01

Full Text Available Abstract Background Relative to physical health conditions such as cardiovascular disease, little is known about risk factors that predict the prevalence of depression. The present study investigates the expected effects of a reduction of these risks over time, using the decision tree method favoured in assessing cardiovascular disease risk. Methods The PATH through Life cohort was used for the study, comprising 2,105 20-24 year olds, 2,323 40-44 year olds and 2,177 60-64 year olds sampled from the community in the Canberra region, Australia. A decision tree methodology was used to predict the presence of major depressive disorder after four years of follow-up. The decision tree was compared with a logistic regression analysis using ROC curves. Results The decision tree was found to distinguish and delineate a wide range of risk profiles. Previous depressive symptoms were most highly predictive of depression after four years, however, modifiable risk factors such as substance use and employment status played significant roles in assessing the risk of depression. The decision tree was found to have better sensitivity and specificity than a logistic regression using identical predictors. Conclusion The decision tree method was useful in assessing the risk of major depressive disorder over four years. Application of the model to the development of a predictive tool for tailored interventions is discussed.

Subthalamic Neural Activity Patterns Anticipate Economic Risk Decisions in Gambling

Science.gov (United States)

Rosa, M.; Carpaneto, J.; Priori, A.

2018-01-01

Abstract Economic decision-making is disrupted in individuals with gambling disorder, an addictive behavior observed in Parkinson’s disease (PD) patients receiving dopaminergic therapy. The subthalamic nucleus (STN) is involved in the inhibition of impulsive behaviors; however, its role in impulse control disorders and addiction is still unclear. Here, we recorded STN local field potentials (LFPs) in PD patients with and without gambling disorder during an economic decision-making task. Reaction times analysis showed that for all patients, the decision whether to risk preceded task onset. We compared then for both groups the STN LFP preceding high- and low-risk economic decisions. We found that risk avoidance in gamblers correlated with larger STN LFP low-frequency (gambling disorder were instead not correlated with pretask STN LFP. Our results suggest that STN activity preceding task onset affects risk decisions by preemptively inhibiting attraction to high but unlikely rewards in favor of a long-term payoff. PMID:29445770

Subthalamic Neural Activity Patterns Anticipate Economic Risk Decisions in Gambling.

Science.gov (United States)

Mazzoni, A; Rosa, M; Carpaneto, J; Romito, L M; Priori, A; Micera, S

2018-01-01

Economic decision-making is disrupted in individuals with gambling disorder, an addictive behavior observed in Parkinson's disease (PD) patients receiving dopaminergic therapy. The subthalamic nucleus (STN) is involved in the inhibition of impulsive behaviors; however, its role in impulse control disorders and addiction is still unclear. Here, we recorded STN local field potentials (LFPs) in PD patients with and without gambling disorder during an economic decision-making task. Reaction times analysis showed that for all patients, the decision whether to risk preceded task onset. We compared then for both groups the STN LFP preceding high- and low-risk economic decisions. We found that risk avoidance in gamblers correlated with larger STN LFP low-frequency (gambling disorder were instead not correlated with pretask STN LFP. Our results suggest that STN activity preceding task onset affects risk decisions by preemptively inhibiting attraction to high but unlikely rewards in favor of a long-term payoff.

A FTA-based method for risk decision-making in emergency response

DEFF Research Database (Denmark)

Liu, Yang; Li, Hongyan

2014-01-01

Decision-making problems in emergency response are usually risky and uncertain due to the limited decision data and possible evolvement of emergency scenarios. This paper focuses on a risk decisionmaking problem in emergency response with several distinct characteristics including dynamic...... evolvement process of emergency, multiple scenarios, and impact of response actions on the emergency scenarios. A method based on Fault Tree Analysis (FTA) is proposed to solve the problem. By analyzing the evolvement process of emergency, the Fault Tree (FT) is constructed to describe the logical relations...

Risks, values, and decision making surrounding pregnancy.

Science.gov (United States)

Lyerly, Anne Drapkin; Mitchell, Lisa M; Armstrong, Elizabeth M; Harris, Lisa H; Kukla, Rebecca; Kuppermann, Miriam; Little, Margaret Olivia

2007-04-01

Assessing, communicating, and managing risk are among the most challenging tasks in the practice of medicine and are particularly difficult in the context of pregnancy. We analyze common scenarios in medical decision making around pregnancy, from reproductive health policy and clinical care to research protections. We describe three tendencies in these scenarios: 1) to consider the probabilities of undesirable outcomes alone, in isolation from women's values and social contexts, as determinative of individual clinical decisions and health policy; 2) to regard any risk to the fetus, including incremental risks that would in other contexts be regarded as acceptable, as trumping considerations that may be substantially more important to the wellbeing of the pregnant woman; and 3) to focus on the risks associated with undertaking medical interventions during pregnancy to the exclusion of demonstrable risks to both woman and fetus of failing to intervene. These tendencies in the perception, communication, and management of risk can lead to care that is neither evidence-based nor patient-centered, often to the detriment of both women and infants.

Investment Decision Support for Engineering Projects Based on Risk Correlation Analysis

Directory of Open Access Journals (Sweden)

Yan Liu

2012-01-01

Full Text Available Investment decisions are usually made on the basis of the subjective judgments of experts subjected to the information gap during the preliminary stages of a project. As a consequence, a series of errors in risk prediction and/or decision-making will be generated leading to out of control investment and project failure. In this paper, the variable fuzzy set theory and intelligent algorithms integrated with case-based reasoning are presented. The proposed algorithm manages the numerous fuzzy concepts and variable factors of a project and also sets up the decision-making process in accordance with past cases and experiences. Furthermore, it decreases the calculation difficulty and reduces the decision-making reaction time. Three types of risk correlations combined with different characteristics of engineering projects are summarized, and each of these correlations is expounded at the project investment decision-making stage. Quantitative and qualitative change theories of variable fuzzy sets are also addressed for investment risk warning. The approach presented in this paper enables the risk analysis in a simple and intuitive manner and realizes the integration of objective and subjective risk assessments within the decision-makers' risk expectation.

Supporting risk-informed decisions during business process execution

NARCIS (Netherlands)

Conforti, R.; Leoni, de M.; La Rosa, M.; Aalst, van der W.M.P.; Salinesi, C.; Norrie, M.C.; Pastor, O.

2013-01-01

This paper proposes a technique that supports process participants in making risk-informed decisions, with the aim to reduce the process risks. Risk reduction involves decreasing the likelihood and severity of a process fault from occurring. Given a process exposed to risks, e.g. a financial process

Decision Trajectories in Dementia Care Networks: Decisions and Related Key Events.

Science.gov (United States)

Groen-van de Ven, Leontine; Smits, Carolien; Oldewarris, Karen; Span, Marijke; Jukema, Jan; Eefsting, Jan; Vernooij-Dassen, Myrra

2017-10-01

This prospective multiperspective study provides insight into the decision trajectories of people with dementia by studying the decisions made and related key events. This study includes three waves of interviews, conducted between July 2010 and July 2012, with 113 purposefully selected respondents (people with beginning to advanced stages of dementia and their informal and professional caregivers) completed in 12 months (285 interviews). Our multilayered qualitative analysis consists of content analysis, timeline methods, and constant comparison. Four decision themes emerged-managing daily life, arranging support, community living, and preparing for the future. Eight key events delineate the decision trajectories of people with dementia. Decisions and key events differ between people with dementia living alone and living with a caregiver. Our study clarifies that decisions relate not only to the disease but to living with the dementia. Individual differences in decision content and sequence may effect shared decision-making and advance care planning.

Decision-Making for Systemic Water Risks: Insights From a Participatory Risk Assessment Process in Vietnam

Science.gov (United States)

Wyrwoll, Paul R.; Grafton, R. Quentin; Daniell, Katherine A.; Chu, Hoang Long; Ringler, Claudia; Lien, Le Thi Ha; Khoi, Dang Kim; Do, Thang Nam; Tuan, Nguyen Do Anh

2018-03-01

Systemic threats to food-energy-environment-water systems require national policy responses. Yet complete control of these complex systems is impossible and attempts to mitigate systemic risks can generate unexpected feedback effects. Perverse outcomes from national policy can emerge from the diverse responses of decision-makers across different levels and scales of resource governance. Participatory risk assessment processes can help planners to understand subnational dynamics and ensure that policies do not undermine the resilience of social-ecological systems and infrastructure networks. Researchers can play an important role in participatory processes as both technical specialists and brokers of stakeholder knowledge on the feedbacks generated by systemic risks and policy decisions. Here, we evaluate the use of causal modeling and participatory risk assessment to develop national policy on systemic water risks. We present an application of the Risks and Options Assessment for Decision-Making (ROAD) process to a district of Vietnam where national agricultural water reforms are being piloted. The methods and results of this project provide general insights about how to support resilient decision-making, including the transfer of knowledge across administrative levels, identification of feedback effects, and the effective implementation of risk assessment processes.

Risk Aversion is Associated with Decision Making among Community-Based Older Persons.

Science.gov (United States)

Boyle, Patricia A; Yu, Lei; Buchman, Aron S; Bennett, David A

2012-01-01

Risk aversion is associated with many important decisions among younger and middle aged persons, but the association of risk aversion with decision making has not been well studied among older persons who face some of the most significant decisions of their lives. Using data from 606 community-dwelling older persons without dementia from the Rush Memory and Aging Project, an ongoing longitudinal epidemiologic study of aging, we examined the association of risk aversion with decision making. Risk aversion was measured using standard behavioral economics questions in which participants were asked to choose between a certain monetary payment ($15) versus a gamble in which they could gain more than $15 or gain nothing; potential gamble gains ranged from $20 to $300 with the gain amounts varied randomly over questions. Decision making was measured using a 12 item version of the Decision Making Competence Assessment Tool. In a linear regression model adjusted for age, sex, education, and income, greater risk aversion was associated with poorer decision making [estimate = -1.03, standard error (SE) = 0.35, p = 0.003]. Subsequent analyses showed that the association of risk aversion with decision making persisted after adjustment for global cognitive function as well as executive and non-executive cognitive abilities. Similar to findings from studies of younger persons, risk aversion is associated with poorer decision making among older persons who face a myriad of complex and influential decisions.

The role of risk aversion in non-conscious decision making.

Science.gov (United States)

Wang, Shuo; Krajbich, Ian; Adolphs, Ralph; Tsuchiya, Naotsugu

2012-01-01

To what extent can people choose advantageously without knowing why they are making those choices? This hotly debated question has capitalized on the Iowa Gambling Task (IGT), in which people often learn to choose advantageously without appearing to know why. However, because the IGT is unconstrained in many respects, this finding remains debated and other interpretations are possible (e.g., risk aversion, ambiguity aversion, limits of working memory, or insensitivity to reward/punishment can explain the finding of the IGT). Here we devised an improved variant of the IGT in which the deck-payoff contingency switches after subjects repeatedly choose from a good deck, offering the statistical power of repeated within-subject measures based on learning the reward contingencies associated with each deck. We found that participants exhibited low confidence in their choices, as probed with post-decision wagering, despite high accuracy in selecting advantageous decks in the task, which is putative evidence for non-conscious decision making. However, such a behavioral dissociation could also be explained by risk aversion, a tendency to avoid risky decisions under uncertainty. By explicitly measuring risk aversion for each individual, we predicted subjects' post-decision wagering using Bayesian modeling. We found that risk aversion indeed does play a role, but that it did not explain the entire effect. Moreover, independently measured risk aversion was uncorrelated with risk aversion exhibited during our version of the IGT, raising the possibility that the latter risk aversion may be non-conscious. Our findings support the idea that people can make optimal choices without being fully aware of the basis of their decision. We suggest that non-conscious decision making may be mediated by emotional feelings of risk that are based on mechanisms distinct from those that support cognitive assessment of risk.

Emotion regulation and decision making under risk and uncertainty.

Science.gov (United States)

Heilman, Renata M; Crişan, Liviu G; Houser, Daniel; Miclea, Mircea; Miu, Andrei C

2010-04-01

It is well established that emotion plays a key role in human social and economic decision making. The recent literature on emotion regulation (ER), however, highlights that humans typically make efforts to control emotion experiences. This leaves open the possibility that decision effects previously attributed to acute emotion may be a consequence of acute ER strategies such as cognitive reappraisal and expressive suppression. In Study 1, we manipulated ER of laboratory-induced fear and disgust, and found that the cognitive reappraisal of these negative emotions promotes risky decisions (reduces risk aversion) in the Balloon Analogue Risk Task and is associated with increased performance in the prehunch/hunch period of the Iowa Gambling Task. In Study 2, we found that naturally occurring negative emotions also increase risk aversion in Balloon Analogue Risk Task, but the incidental use of cognitive reappraisal of emotions impedes this effect. We offer evidence that the increased effectiveness of cognitive reappraisal in reducing the experience of emotions underlies its beneficial effects on decision making. Copyright 2010 APA, all rights reserved.

Risk Assessment and Decision-Making under Uncertainty in Tunnel and Underground Engineering

Directory of Open Access Journals (Sweden)

Yuanpu Xia

2017-10-01

Full Text Available The impact of uncertainty on risk assessment and decision-making is increasingly being prioritized, especially for large geotechnical projects such as tunnels, where uncertainty is often the main source of risk. Epistemic uncertainty, which can be reduced, is the focus of attention. In this study, the existing entropy-risk decision model is first discussed and analyzed, and its deficiencies are improved upon and overcome. Then, this study addresses the fact that existing studies only consider parameter uncertainty and ignore the influence of the model uncertainty. Here, focus is on the issue of model uncertainty and differences in risk consciousness with different decision-makers. The utility theory is introduced in the model. Finally, a risk decision model is proposed based on the sensitivity analysis and the tolerance cost, which can improve decision-making efficiency. This research can provide guidance or reference for the evaluation and decision-making of complex systems engineering problems, and indicate a direction for further research of risk assessment and decision-making issues.

An expert panel approach to support risk-informed decision making

International Nuclear Information System (INIS)

Pulkkinen, U.; Simola, K.

2000-01-01

The report describes the expert panel methodology developed for supporting risk-informed decision making. The aim of an expert panel is to achieve a balanced utilisation of information and expertise from several disciplines in decision-making including probabilistic safety assessment as one decision criterion. We also summarise the application of the methodology in the STUK's RI-ISI (Risk-Informed In-Service Inspection) pilot study, where the expert panel approach was used to combine the deterministic information on degradation mechanisms and probabilistic information on pipe break consequences. The expert panel served both as a critical review of the preliminary results and as a decision support for the final definition of risk categories of piping. (orig.)

Goal Setting and Decision Making by At-Risk Youth

Science.gov (United States)

Galotti, Kathleen M.; Kozberg, Steven F.; Gustafon, Mary

2009-01-01

Typically, adolescence is a time when individuals begin to make consequential, life-framing decisions. However, much of the decision-making literature focuses on high-risk decisions, such as the use of drugs and alcohol, while much less is known about how adolescents make positive decisions, for example, regarding their educational or career…

Probabilistic Risk Assessment to Inform Decision Making: Frequently Asked Questions

Science.gov (United States)

General concepts and principles of Probabilistic Risk Assessment (PRA), describe how PRA can improve the bases of Agency decisions, and provide illustrations of how PRA has been used in risk estimation and in describing the uncertainty in decision making.

RiskChanges Spatial Decision Support system for the analysis of changing multi-hazard risk

Science.gov (United States)

van Westen, Cees; Zhang, Kaixi; Bakker, Wim; Andrejchenko, Vera; Berlin, Julian; Olyazadeh, Roya; Cristal, Irina

2015-04-01

quantitative analysis (using different hazard types, temporal scenarios and vulnerability curves) resulting into risk curves. The platform does not include a component to calculate hazard maps, and existing hazard maps are used as input data for the risk component. The second component of the SDSS is a risk reduction planning component, which forms the core of the platform. This component includes the definition of risk reduction alternatives (related to disaster response planning, risk reduction measures and spatial planning) and links back to the risk assessment module to calculate the new level of risk if the measure is implemented, and a cost-benefit (or cost-effectiveness/ Spatial Multi Criteria Evaluation) component to compare the alternatives and make decision on the optimal one. The third component of the SDSS is a temporal scenario component, which allows to define future scenarios in terms of climate change, land use change and population change, and the time periods for which these scenarios will be made. The component doesn't generate these scenarios but uses input maps for the effect of the scenarios on the hazard and assets maps. The last component is a communication and visualization component, which can compare scenarios and alternatives, not only in the form of maps, but also in other forms (risk curves, tables, graphs)

Critical review of methods for risk ranking of food related hazards, based on risks for human health

DEFF Research Database (Denmark)

van der Fels-Klerx, H. J.; van Asselt, E. D.; Raley, M.

2018-01-01

This study aimed to critically review methods for ranking risks related to food safety and dietary hazards on the basis of their anticipated human health impacts. A literature review was performed to identify and characterize methods for risk ranking from the fields of food, environmental science......, and the risk ranking method characterized. The methods were then clustered - based on their characteristics - into eleven method categories. These categories included: risk assessment, comparative risk assessment, risk ratio method, scoring method, cost of illness, health adjusted life years, multi......-criteria decision analysis, risk matrix, flow charts/decision trees, stated preference techniques and expert synthesis. Method categories were described by their characteristics, weaknesses and strengths, data resources, and fields of applications. It was concluded there is no single best method for risk ranking...

Application of a web-based Decision Support System in risk management

Science.gov (United States)

Aye, Zar Chi; Jaboyedoff, Michel; Derron, Marc-Henri

2013-04-01

Increasingly, risk information is widely available with the help of advanced technologies such as earth observation satellites, global positioning technologies, coupled with hazard modeling and analysis, and geographical information systems (GIS). Even though it exists, no effort will be put into action if it is not properly presented to the decision makers. These information need to be communicated clearly and show its usefulness so that people can make better informed decision. Therefore, communicating available risk information has become an important challenge and decision support systems have been one of the significant approaches which can help not only in presenting risk information to the decision makers but also in making efficient decisions while reducing human resources and time needed. In this study, the conceptual framework of an internet-based decision support system is presented to highlight its importance role in risk management framework and how it can be applied in case study areas chosen. The main purpose of the proposed system is to facilitate the available risk information in risk reduction by taking into account of the changes in climate, land use and socio-economic along with the risk scenarios. It allows the users to formulate, compare and select risk reduction scenarios (mainly for floods and landslides) through an enhanced participatory platform with diverse stakeholders' involvement in the decision making process. It is based on the three-tier (client-server) architecture which integrates web-GIS plus DSS functionalities together with cost benefit analysis and other supporting tools. Embedding web-GIS provides its end users to make better planning and informed decisions referenced to a geographical location, which is the one of the essential factors in disaster risk reduction programs. Different risk reduction measures of a specific area (local scale) will be evaluated using this web-GIS tool, available risk scenarios obtained from

Developmental changes in decision making under risk: The role of executive functions and reasoning abilities in 8- to 19-year-old decision makers.

Science.gov (United States)

Schiebener, Johannes; García-Arias, María; García-Villamisar, Domingo; Cabanyes-Truffino, Javier; Brand, Matthias

2015-01-01

Previous studies have shown that children and adolescents often tend toward risky decisions despite explicit knowledge about the potential negative consequences. This phenomenon has been suggested to be associated with the immaturity of brain areas involved in cognitive control functions. Particularly, "frontal lobe functions," such as executive functions and reasoning, mature until young adulthood and are thought to be involved in age-related changes in decision making under explicit risk conditions. We investigated 112 participants, aged 8-19 years, with a frequently used task assessing decisions under risk, the Game of Dice Task (GDT). Additionally, we administered the Modified Card Sorting Test assessing executive functioning (categorization, cognitive flexibility, and strategy maintenance) as well as the Ravens Progressive Matrices assessing reasoning. The results showed that risk taking in the GDT decreased with increasing age and this effect was not moderated by reasoning but by executive functions: Particularly, young persons with weak executive functioning showed very risky decision making. Thus, the individual maturation of executive functions, associated with areas in the prefrontal cortex, seems to be an important factor in young peoples' behavior in risky decision-making situations.

Situationally-sensitive knowledge translation and relational decision making in hyperacute stroke: a qualitative study.

Directory of Open Access Journals (Sweden)

Madeleine J Murtagh

Full Text Available Stroke is a leading cause of disability. Early treatment of acute ischaemic stroke with rtPA reduces the risk of longer term dependency but carries an increased risk of causing immediate bleeding complications. To understand the challenges of knowledge translation and decision making about treatment with rtPA in hyperacute stroke and hence to inform development of appropriate decision support we interviewed patients, their family and health professionals. The emergency setting and the symptomatic effects of hyper-acute stroke shaped the form, content and manner of knowledge translation to support decision making. Decision making about rtPA in hyperacute stroke presented three conundrums for patients, family and clinicians. 1 How to allow time for reflection in a severely time-limited setting. 2 How to facilitate knowledge translation regarding important treatment risks and benefits when patient and family capacity is blunted by the effects and shock of stroke. 3 How to ensure patient and family views are taken into account when the situation produces reliance on the expertise of clinicians. Strategies adopted to meet these conundrums were fourfold: face to face communication; shaping decisions; incremental provision of information; and communication tailored to the individual patient. Relational forms of interaction were understood to engender trust and allay anxiety. Shaping decisions with patients was understood as an expression of confidence by clinicians that helped alleviate anxiety and offered hope and reassurance to patients and their family experiencing the shock of the stroke event. Neutral presentations of information and treatment options promoted uncertainty and contributed to anxiety. 'Drip feeding' information created moments for reflection: clinicians literally made time. Tailoring information to the particular patient and family situation allowed clinicians to account for social and emotional contexts. The principal responses to

Situationally-sensitive knowledge translation and relational decision making in hyperacute stroke: a qualitative study.

Science.gov (United States)

Murtagh, Madeleine J; Burges Watson, Duika L; Jenkings, K Neil; Lie, Mabel L S; Mackintosh, Joan E; Ford, Gary A; Thomson, Richard G

2012-01-01

Stroke is a leading cause of disability. Early treatment of acute ischaemic stroke with rtPA reduces the risk of longer term dependency but carries an increased risk of causing immediate bleeding complications. To understand the challenges of knowledge translation and decision making about treatment with rtPA in hyperacute stroke and hence to inform development of appropriate decision support we interviewed patients, their family and health professionals. The emergency setting and the symptomatic effects of hyper-acute stroke shaped the form, content and manner of knowledge translation to support decision making. Decision making about rtPA in hyperacute stroke presented three conundrums for patients, family and clinicians. 1) How to allow time for reflection in a severely time-limited setting. 2) How to facilitate knowledge translation regarding important treatment risks and benefits when patient and family capacity is blunted by the effects and shock of stroke. 3) How to ensure patient and family views are taken into account when the situation produces reliance on the expertise of clinicians. Strategies adopted to meet these conundrums were fourfold: face to face communication; shaping decisions; incremental provision of information; and communication tailored to the individual patient. Relational forms of interaction were understood to engender trust and allay anxiety. Shaping decisions with patients was understood as an expression of confidence by clinicians that helped alleviate anxiety and offered hope and reassurance to patients and their family experiencing the shock of the stroke event. Neutral presentations of information and treatment options promoted uncertainty and contributed to anxiety. 'Drip feeding' information created moments for reflection: clinicians literally made time. Tailoring information to the particular patient and family situation allowed clinicians to account for social and emotional contexts. The principal responses to the challenges of

Selection of tolerable risk criteria for dam safety decision making

International Nuclear Information System (INIS)

Nielsen, N.M.; Hartford, D.N.D.; MacDonald, T.F.

1994-01-01

Risk assessment has received increasing attention in recent years as a means of aiding decision making on dams by providing systematic and rational methods for dealing with risk and uncertainty. Risk assessment is controversial and decisions affecting risk to life are the most controversial. Tolerable criteria, based on the risks that society is prepared to accept in order to avoid excessive costs, set bounds within which risk-based decisions may be made. The components of risk associated with dam safety are addressed on an individual basis and criteria established for each component, thereby permitting flexibility in the balance between component risk and avoiding the problems of placing a monetary value on life. The guiding principle of individual risk is that dams do not impose intolerable risks on any individual. A risk to life of 1 in 10 4 per annum is generally considered the maximum tolerable risk. When considering societal risk, the safety of a dam should be proportional to the consequences of its failure. Risks of financial losses beyond the corporation's ability to finance should be so low as to be considered negligible. 17 refs., 3 figs

Big Decisions, Big Risks

DEFF Research Database (Denmark)

Flyvbjerg, Bent; Bruzelius, Nils; Rothengatter, Werner

2002-01-01

major projects. The article describes lessons and recommendations on how to improve accountability in decision making on very large infrastructure investments in Denmark. The conventional approach to infrastructure investments is replaced by an alternative focusing on accountability. Redrawing...... and implementation is a highly stochastic one where things happen only with a certain probability and rarely turn out as originally intended. The failure to reflect the probabilistic reality of investment preparation and implementation is a central reason for the poor track record that can be documented for many...... the borderlines of private and public involvement, four specific measures to increase accountability are suggested and detailed: (1) Transparency, (2) Performance specifications, (3) Explication of regulatory regimes, and (4) Involvement of risk capital. The decision on whether or not to build a multi...

Patient-Focused Benefit-Risk Analysis to Inform Regulatory Decisions: The European Union Perspective.

Science.gov (United States)

Mühlbacher, Axel C; Juhnke, Christin; Beyer, Andrea R; Garner, Sarah

Regulatory decisions are often based on multiple clinical end points, but the perspectives used to judge the relative importance of those end points are predominantly those of expert decision makers rather than of the patient. However, there is a growing awareness that active patient and public participation can improve decision making, increase acceptance of decisions, and improve adherence to treatments. The assessment of risk versus benefit requires not only information on clinical outcomes but also value judgments about which outcomes are important and whether the potential benefits outweigh the harms. There are a number of mechanisms for capturing the input of patients, and regulatory bodies within the European Union are participating in several initiatives. These can include patients directly participating in the regulatory decision-making process or using information derived from patients in empirical studies as part of the evidence considered. One promising method that is being explored is the elicitation of "patient preferences." Preferences, in this context, refer to the individual's evaluation of health outcomes and can be understood as statements regarding the relative desirability of a range of treatment options, treatment characteristics, and health states. Several methods for preference measurement have been proposed, and pilot studies have been undertaken to use patient preference information in regulatory decision making. This article describes how preferences are currently being considered in the benefit-risk assessment context, and shows how different methods of preference elicitation are used to support decision making within the European context. Copyright © 2016 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

A Tutorial on Probablilistic Risk Assessement and its Role in Risk-Informed Decision Making

Science.gov (United States)

Dezfuli, Homayoon

2010-01-01

This slide presentation reviews risk assessment and its role in risk-informed decision making. It includes information on probabilistic risk assessment, typical risk management process, origins of risk matrix, performance measures, performance objectives and Bayes theorem.

Bayesian risk-based decision method for model validation under uncertainty

International Nuclear Information System (INIS)

Jiang Xiaomo; Mahadevan, Sankaran

2007-01-01

This paper develops a decision-making methodology for computational model validation, considering the risk of using the current model, data support for the current model, and cost of acquiring new information to improve the model. A Bayesian decision theory-based method is developed for this purpose, using a likelihood ratio as the validation metric for model assessment. An expected risk or cost function is defined as a function of the decision costs, and the likelihood and prior of each hypothesis. The risk is minimized through correctly assigning experimental data to two decision regions based on the comparison of the likelihood ratio with a decision threshold. A Bayesian validation metric is derived based on the risk minimization criterion. Two types of validation tests are considered: pass/fail tests and system response value measurement tests. The methodology is illustrated for the validation of reliability prediction models in a tension bar and an engine blade subjected to high cycle fatigue. The proposed method can effectively integrate optimal experimental design into model validation to simultaneously reduce the cost and improve the accuracy of reliability model assessment

The Profitability – Risk Relationship and Financing Decision

OpenAIRE

Nityesh BHATT

2007-01-01

The enterprise financial decision is a rational process for option to the optimal variant related to financing and investments. For the capital investment to be justified, the profitability of the invested money must be at least equal with the profitability of the alternative investment opportunities with the same risk on market. The choosing of a way for financing is determined on the one side by their cost and on the other side by the existent capital structure. In this paper I tried to ana...

Application of PSA in risk informed decision making

International Nuclear Information System (INIS)

Hari Prasad, M.; Vinod, Gopika; Saraf, R.K.; Ghosh, A.K.; Kushwaha, H.S.

2006-01-01

Probabilistic Safety Assessment (PSA) models have been successfully employed during design evaluation to assess weak links and carry out design modifications to improve system reliability and safety. Recently, studies are directed towards applying PSA in various decision making issues concerned with plant operations and safety regulations. This necessitates development of software tools like Living PSA, Risk Monitor etc. Risk Monitor is a PC based tool developed to assess the risk, based on the actual status of systems and components. Such tools find wide application with plant personnel and regulatory authorities since they can provide solutions to various plant issues and regulatory decision making issues respectively. (author)

Durable decision-making is central to the control of risks

International Nuclear Information System (INIS)

Zebroski, E.L.

1990-01-01

In several capacities the author has promoted the importance of risk analysis techniques as a rational path to the improved assurance of safety. The interest in decisions arose from the persistent observation of only moderate or minor impacts or benefits to practical operations from the availability of wall documented risk analysis studies for many nuclear units. The complexity and number of variables in decisions on matters of safety of large scale operations defies ordinary intuitive decision making. The structured decision process is not a panacea, but is often the practical tool of choise for managing complexity in an orderly way. Typical basic sources for decision techniques are listed in references. (orig.)

Decision-making, financial risk aversion, and behavioral biases: The role of testosterone and stress.

Science.gov (United States)

Nofsinger, John R; Patterson, Fernando M; Shank, Corey A

2018-05-01

We examine the relation between testosterone, cortisol, and financial decisions in a sample of naïve investors. We find that testosterone level is positively related to excess risk-taking, whereas cortisol level is negatively related to excess risk-taking (correlation coefficient [r]: 0.75 and -0.21, respectively). Additionally, we find support for the dual-hormone hypothesis in a financial context. Specifically, the testosterone-to-cortisol ratio is significantly related to loss aversion. Individuals with a higher ratio are 3.4 times more likely to sell losing stocks (standard error [SE]: 1.63). Furthermore, we find a positive feedback loop between financial success, testosterone, and cortisol. Specifically, financial success is significantly related to higher post-trial testosterone and cortisol by a factor of 0.53 (SE: 0.14). Finally, we find that in a competitive environment, testosterone level increases significantly, leading to greater risk-taking than in noncompetitive environment. Overall, this study underscores the importance of the endocrine system on financial decision-making. The results of this study are relevant to a broad audience, including investors looking to optimize financial performance, industry human resources, market regulators, and researchers. Copyright © 2018 Elsevier B.V. All rights reserved.

Second-Order Risk Constraints in Decision Analysis

Directory of Open Access Journals (Sweden)

Love Ekenberg

2014-01-01

Full Text Available Recently, representations and methods aimed at analysing decision problems where probabilities and values (utilities are associated with distributions over them (second-order representations have been suggested. In this paper we present an approach to how imprecise information can be modelled by means of second-order distributions and how a risk evaluation process can be elaborated by integrating procedures for numerically imprecise probabilities and utilities. We discuss some shortcomings of the use of the principle of maximising the expected utility and of utility theory in general, and offer remedies by the introduction of supplementary decision rules based on a concept of risk constraints taking advantage of second-order distributions.

Metabolic state alters economic decision making under risk in humans.

Directory of Open Access Journals (Sweden)

Mkael Symmonds

2010-06-01

Full Text Available Animals' attitudes to risk are profoundly influenced by metabolic state (hunger and baseline energy stores. Specifically, animals often express a preference for risky (more variable food sources when below a metabolic reference point (hungry, and safe (less variable food sources when sated. Circulating hormones report the status of energy reserves and acute nutrient intake to widespread targets in the central nervous system that regulate feeding behaviour, including brain regions strongly implicated in risk and reward based decision-making in humans. Despite this, physiological influences per se have not been considered previously to influence economic decisions in humans. We hypothesised that baseline metabolic reserves and alterations in metabolic state would systematically modulate decision-making and financial risk-taking in humans.We used a controlled feeding manipulation and assayed decision-making preferences across different metabolic states following a meal. To elicit risk-preference, we presented a sequence of 200 paired lotteries, subjects' task being to select their preferred option from each pair. We also measured prandial suppression of circulating acyl-ghrelin (a centrally-acting orexigenic hormone signalling acute nutrient intake, and circulating leptin levels (providing an assay of energy reserves. We show both immediate and delayed effects on risky decision-making following a meal, and that these changes correlate with an individual's baseline leptin and changes in acyl-ghrelin levels respectively.We show that human risk preferences are exquisitely sensitive to current metabolic state, in a direction consistent with ecological models of feeding behaviour but not predicted by normative economic theory. These substantive effects of state changes on economic decisions perhaps reflect shared evolutionarily conserved neurobiological mechanisms. We suggest that this sensitivity in human risk-preference to current metabolic state has

Risk perception, trust and public engagement in nuclear decision-making in Hong Kong

International Nuclear Information System (INIS)

Mah, Daphne Ngar-yin; Hills, Peter; Tao, Julia

2014-01-01

The extent to which nuclear energy can be a feasible energy option has re-emerged as a subject of widespread debate following the Fukushima accident in Japan. However, relatively little is known about how public inputs can improve nuclear decision-making. This paper aims to provide a better understanding of public opinions regarding nuclear energy by examining its risk perception, trust and public engagement dimensions. Based on a survey of Hong Kong residents (n=509), we make some observations. Firstly, we offer empirical evidence that affirms the theoretical connections between risk perception, trust, and public engagement in the context of nuclear energy. Secondly, our logistic regression analysis indicates that demographics, trust, and perceptions of the efficacy of public engagement are factors explaining perceptions of greater risks and nuclear opposition. Thirdly, our conceptual model sheds light on the complexity of the trust concept, and specifies aspects of trust that are influential in the contexts of risk perception and nuclear choices. Our findings suggest that the Hong Kong government must ensure trust building receives prominent attention in nuclear decision-making, and that it should avoid excessive reliance on the business sector and should assume a key role for itself in enhancing trust in nuclear decision-making. - Highlights: • Risk perception, trust and public engagement matter to nuclear decision-making. • Our logistic regression analysis found that demographics, trust and perception of public engagement are the factors that explain risk perception and nuclear choice in Hong Kong. • Our conceptual model specifics aspects of trust that are influential

Risk-Based Decision Making for Deterioration Processes Using POMDP

DEFF Research Database (Denmark)

Nielsen, Jannie Sønderkær; Sørensen, John Dalsgaard

2015-01-01

This paper proposes a method for risk-based decision making for maintenance of deteriorating components, based on the partially observable Markov decision process (POMDP). Unlike most methods, the decision polices do not need to be stationary and can vary according to seasons and near the end...

Assessing the value of risk: Perspectives on the role of risk information in decision making

International Nuclear Information System (INIS)

Egan, M.; Smith, Graham; Maul, P.

1999-01-01

The authors of this paper profess no formal ethical or philosophical training from which to develop their position on Values in Decisions on Risk. However, as scientists with practical experience in carrying out a range of quantitative studies, we consider that we have some understanding of the strengths and weaknesses inherent in environmental risk assessment. Moreover, in attempting to use the results of such assessments, we have observed some of the ways in which quantitative risk information is used and abused. In this paper, therefore, we offer a practitioner's perspective that underlines the essential role of risk as a tool to inform and guide decisions, while at the same time emphasising the need for its proportionate use in a complex arena. We draw on experience that includes assessments for radioactive waste management and disposal, but also incorporates a range of assignments where assessment of the scale of potential environmental liabilities was a critical factor in decision making. We do not pretend to offer a resolution to the challenges laid before this Symposium, but seek to explore common themes and lessons learned regarding the role of risk information in goal-setting, performance monitoring and the overall decision process. Policy makers and regulators must act responsibly to protect confidence, not just the health of people and the environment. In doing this, to ignore risk information as a key component of strategic thinking is equally as disproportionate as making it the sole basis for decision making. There is a clear need to explain better the basis of, and motives behind, decisions - not only in terms of transparency in risk assessment but also to distinguish between the scientific and the socio-political component of the argument

Assessing the value of risk: Perspectives on the role of risk information in decision making

Energy Technology Data Exchange (ETDEWEB)

Egan, M.; Smith, Graham; Maul, P. [QuantiSci Limited, Henley-on-Thames (United Kingdom)

1999-12-01

The authors of this paper profess no formal ethical or philosophical training from which to develop their position on Values in Decisions on Risk. However, as scientists with practical experience in carrying out a range of quantitative studies, we consider that we have some understanding of the strengths and weaknesses inherent in environmental risk assessment. Moreover, in attempting to use the results of such assessments, we have observed some of the ways in which quantitative risk information is used and abused. In this paper, therefore, we offer a practitioner's perspective that underlines the essential role of risk as a tool to inform and guide decisions, while at the same time emphasising the need for its proportionate use in a complex arena. We draw on experience that includes assessments for radioactive waste management and disposal, but also incorporates a range of assignments where assessment of the scale of potential environmental liabilities was a critical factor in decision making. We do not pretend to offer a resolution to the challenges laid before this Symposium, but seek to explore common themes and lessons learned regarding the role of risk information in goal-setting, performance monitoring and the overall decision process. Policy makers and regulators must act responsibly to protect confidence, not just the health of people and the environment. In doing this, to ignore risk information as a key component of strategic thinking is equally as disproportionate as making it the sole basis for decision making. There is a clear need to explain better the basis of, and motives behind, decisions - not only in terms of transparency in risk assessment but also to distinguish between the scientific and the socio-political component of the argument.

INTEGRATED FRAMEWORK FOR ENHANCING EARTHQUAKE RISK MITIGATION DECISIONS

Directory of Open Access Journals (Sweden)

Temitope Egbelakin

2015-12-01

Full Text Available The increasing scale of losses from earthquake disasters has reinforced the need for property owners to become proactive in seismic risk reduction programs. However, despite advancement in seismic design methods and legislative frameworks, building owners are found unwilling or lack motivation to adopt adequate mitigation measures that will reduce their vulnerability to earthquake disasters. Various theories and empirical findings have been used to explain the adoption of protective behaviours including seismic mitigation decisions, but their application has been inadequate to enhance building owners’ protective decisions. A holistic framework that incorporates the motivational orientations of decision-making, coupled with the social, cultural, economic, regulatory, institutional and political realms of earthquake risk mitigation to enhance building owners’ decisions to voluntarily implement adequate mitigation measures, is proposed. This framework attempts to address any multi-disciplinary barriers that exist in earthquake disaster management, by ensuring that stakeholders involved in seismic mitigation decisions work together to foster seismic rehabilitation of EPBs, as well as illuminate strategies that will initiate, promote and sustain the adoption of long-term earthquake mitigation. .

Toxicant emissions from hazardous wastes in landfills - implications for disposal risk management decisions

International Nuclear Information System (INIS)

Assmuth, T.W.

1991-01-01

The environmental impacts and risks of hazardous wastes disposed in Finnish landfills were assessed in a 5-yr field study. By systematic analysis of the acquired information, the toxicological impacts and risks of landfills seem as a whole small when compared with those caused by other kinds of environmental toxicants. Locally more significant risks arise, and may be difficult to manage. Scientific information on risk factors and their development is as yet insufficient, and additional research and monitoring are needed. Since uncertainties will remain, the prevention and control of risks, e.g. by improved hazardous waste management and disposal, are advocated by safety principles, but are made difficult by many technical and societal factors. Control strategies and remedial actions should thus be based on more comprehensive, comparative risk assessments and improved decision methods. Ethical, political and methodological issues in the management of hazardous waste disposal are discussed, with special reference to the interaction of science with regulatory decision-making related to the risks of old chemical waste sites. (44 refs.) (au)

Risk-informed decision making during Bohunice NPP safety upgrading

International Nuclear Information System (INIS)

Lipar, M.; Muzikova, E.; Kubanyi, J.

2001-01-01

The paper summarizes some facts of risk-informed regulation developments within UJD regulatory environment. Based on national as well as international operating experience and indications resulted from PSA, Nuclear Regulatory Authority of the Slovak Republic (UJD) since its constituting in 1993 has devoted an effort to use PSA technology to support the regulatory policy in Slovakia. The PSA is considered a complement, not a substitute, to the deterministic approach. Suchlike integrated approach is used in decision making processes and the final decision on scope and priorities is based on it. The paper outlines risk insights used in the decision making process concerning Bohunice NPP safety upgrading and focuses on the role of PSA results in Gradual Reconstruction of Bohunice VI NPP. Besides, two other examples of the PSA results application to the decision making process are provided: the assessment of proposal of modifications to the main power supply diagram (incorporation of generator switches) and the assessment of licensee request for motor generator AOT (Allowable Outage Time) extension. As an example of improving support of Bohunice V-2 risk-informed operations, concept of AOT calculations and Bohunice V-2 Risk Monitor Project are briefly described. (author)

Real-Time Optimal Flood Control Decision Making and Risk Propagation Under Multiple Uncertainties

Science.gov (United States)

Zhu, Feilin; Zhong, Ping-An; Sun, Yimeng; Yeh, William W.-G.

2017-12-01

Multiple uncertainties exist in the optimal flood control decision-making process, presenting risks involving flood control decisions. This paper defines the main steps in optimal flood control decision making that constitute the Forecast-Optimization-Decision Making (FODM) chain. We propose a framework for supporting optimal flood control decision making under multiple uncertainties and evaluate risk propagation along the FODM chain from a holistic perspective. To deal with uncertainties, we employ stochastic models at each link of the FODM chain. We generate synthetic ensemble flood forecasts via the martingale model of forecast evolution. We then establish a multiobjective stochastic programming with recourse model for optimal flood control operation. The Pareto front under uncertainty is derived via the constraint method coupled with a two-step process. We propose a novel SMAA-TOPSIS model for stochastic multicriteria decision making. Then we propose the risk assessment model, the risk of decision-making errors and rank uncertainty degree to quantify the risk propagation process along the FODM chain. We conduct numerical experiments to investigate the effects of flood forecast uncertainty on optimal flood control decision making and risk propagation. We apply the proposed methodology to a flood control system in the Daduhe River basin in China. The results indicate that the proposed method can provide valuable risk information in each link of the FODM chain and enable risk-informed decisions with higher reliability.

Environmental risk assessment of chemicals and nanomaterials--The best foundation for regulatory decision-making?

Science.gov (United States)

Syberg, Kristian; Hansen, Steffen Foss

2016-01-15

Environmental risk assessment (ERA) is often considered as the most transparent, objective and reliable decision-making tool for informing the risk management of chemicals and nanomaterials. ERAs are based on the assumption that it is possible to provide accurate estimates of hazard and exposure and, subsequently, to quantify risk. In this paper we argue that since the quantification of risk is dominated by uncertainties, ERAs do not provide a transparent or an objective foundation for decision-making and they should therefore not be considered as a "holy grail" for informing risk management. We build this thesis on the analysis of two case studies (of nonylphenol and nanomaterials) as well as a historical analysis in which we address the scientific foundation for ERAs. The analyses show that ERAs do not properly address all aspects of actual risk, such as the mixture effect and the environmentally realistic risk from nanomaterials. Uncertainties have been recognised for decades, and assessment factors are used to compensate for the lack of realism in ERAs. The assessment factors' values were pragmatically determined, thus lowering the scientific accuracy of the ERAs. Furthermore, the default choice of standard assay for assessing a hazard might not always be the most biologically relevant, so we therefore argue that an ERA should be viewed as a pragmatic decision-making tool among several, and it should not have a special status for informing risk management. In relation to other relevant decision-making tools we discuss the use of chemical alternative assessments (CAAs) and the precautionary principle. Copyright © 2015 Elsevier B.V. All rights reserved.

Feasibility Risk Assessment of Transport Infrastructure Projects: The CBA-DK Decision Support Model

DEFF Research Database (Denmark)

Salling, Kim Bang; Banister, David

2010-01-01

informed decision support towards decision-makers and stakeholders in terms of accumulated descending graphs. The decision support method developed in this paper aims to provide assistance in the analysis and ultimately the choice of action, while accounting for the uncertainties surrounding any transport......This paper presents the final version of the CBA-DK decision support model for assessment of transport projects. The model makes use of conventional cost-benefit analysis resulting in aggregated single point estimates and quantitative risk analysis using Monte Carlo simulation resulting in interval...... result, and the determination of suitable probability distributions. Use is made of the reference class forecasting information, such as that developed in Optimism Bias for adjustments to investment decisions that relate to all modes of transport. The CBA-DK decision support model results in more...

Risk perception and decision processes underlying informed consent to research participation.

Science.gov (United States)

Reynolds, William W; Nelson, Robert M

2007-11-01

According to the rational choice model, informed consent should consist of a systematic, step-by-step evaluation of all information pertinent to the treatment or research participation decision. Research shows that people frequently deviate from this normative model, however, employing decision-making shortcuts, or heuristics. In this paper we report findings from a qualitative study of 32 adolescents and (their) 31 parents who were recruited from two Northeastern US hospitals and asked to consider the risks of and make hypothetical decisions about research participation. The purpose of this study was to increase our understanding of how diabetic and at-risk adolescents (i.e., those who are obese and/or have a family history of diabetes) and their parents perceive risks and make decisions about research participation. Using data collected from adolescents and parents, we identify heuristic decision processes in which participant perceptions of risk magnitude, which are formed quickly and intuitively and appear to be based on affective responses to information, are far more prominent and central to the participation decision than are perceptions of probability. We discuss participants' use of decision-making heuristics in the context of recent research on affect and decision processes, and we consider the implications of these findings for researchers.

Spatial and Temporal Flood Risk Assessment for Decision Making Approach

Science.gov (United States)

Azizat, Nazirah; Omar, Wan-Mohd-Sabki Wan

2018-03-01

Heavy rainfall, adversely impacting inundation areas, depends on the magnitude of the flood. Significantly, location of settlements, infrastructure and facilities in floodplains result in many regions facing flooding risks. A problem faced by the decision maker in an assessment of flood vulnerability and evaluation of adaptation measures is recurrent flooding in the same areas. Identification of recurrent flooding areas and frequency of floods should be priorities for flood risk management. However, spatial and temporal variability become major factors of uncertainty in flood risk management. Therefore, dynamic and spatial characteristics of these changes in flood impact assessment are important in making decisions about the future of infrastructure development and community life. System dynamics (SD) simulation and hydrodynamic modelling are presented as tools for modelling the dynamic characteristics of flood risk and spatial variability. This paper discusses the integration between spatial and temporal information that is required by the decision maker for the identification of multi-criteria decision problems involving multiple stakeholders.

Risk informed decision-making and its ethical basis

International Nuclear Information System (INIS)

Ersdal, Gerhard; Aven, Terje

2008-01-01

In decision-making under uncertainty there are two main questions that need to be evaluated: (i) What are the future consequences and associated uncertainties of an action, and (ii) what is a good (or right) decision or action. Philosophically these issues are categorized as epistemic questions (i.e. questions of knowledge) and ethical questions (i.e. questions of moral and norms). This paper discusses the second issue, and evaluates different risk management approaches for establishing good decisions, using different ethical theories as a basis. These theories include the utilitarian ethics of Bentley and Mills, and deontological ethics of Kant, Rawls and Habermas. The risk management approaches include cost-benefit analysis (CBA), minimum safety criterion, the ALARP principle and the precautionary principle

Risk informed decision-making and its ethical basis

Energy Technology Data Exchange (ETDEWEB)

Ersdal, Gerhard [University of Stavanger (Norway)], E-mail: gerhard.ersdal@ptil.no; Aven, Terje [University of Stavanger (Norway)

2008-02-15

In decision-making under uncertainty there are two main questions that need to be evaluated: (i) What are the future consequences and associated uncertainties of an action, and (ii) what is a good (or right) decision or action. Philosophically these issues are categorized as epistemic questions (i.e. questions of knowledge) and ethical questions (i.e. questions of moral and norms). This paper discusses the second issue, and evaluates different risk management approaches for establishing good decisions, using different ethical theories as a basis. These theories include the utilitarian ethics of Bentley and Mills, and deontological ethics of Kant, Rawls and Habermas. The risk management approaches include cost-benefit analysis (CBA), minimum safety criterion, the ALARP principle and the precautionary principle.

Know the risk, take the win: how executive functions and probability processing influence advantageous decision making under risk conditions.

Science.gov (United States)

Brand, Matthias; Schiebener, Johannes; Pertl, Marie-Theres; Delazer, Margarete

2014-01-01

Recent models on decision making under risk conditions have suggested that numerical abilities are important ingredients of advantageous decision-making performance, but empirical evidence is still limited. The results of our first study show that logical reasoning and basic mental calculation capacities predict ratio processing and that ratio processing predicts decision making under risk. In the second study, logical reasoning together with executive functions predicted probability processing (numeracy and probability knowledge), and probability processing predicted decision making under risk. These findings suggest that increasing an individual's understanding of ratios and probabilities should lead to more advantageous decisions under risk conditions.

Risk management in facility transition and management decision making: Needs and opportunities

International Nuclear Information System (INIS)

Stillwell, W.; Seaver, D.; Keller, J.; Smith, D.; Weaver, D.; Sanders, T.; Thullen, P.

1993-02-01

An overall approach to risk management is described in this paper. Many of these concepts have been developed and applied as part of Hanford Mission Planning (HMP) (Hanford Mission Plan, 1992). At Hanford, HMP provides a mechanism for integrating planning across all the missions and programs of the site. This paper discusses the decision context within which EM must make and defend decisions, the types of decisions that are being and will need to be made in order to progress with the cleanup of the DOE complex, and the resulting need for risk management. Risk management, in turn, requires quality health and ecological risk information to make these decisions. Other types of information are also needed, but the risk information is typically the most important and the most difficult to obtain. The paper then describes a general technical approach to risk management, including particular methods for developing the high quality of human health and ecological risk information that will be needed to support risk management. We next turn to several special issues that make risk management more complex than many other decisions. We discuss these issues and offer some practical suggestions with respect to addressing them in the risk management framework. Finally, we conclude with some discussion of other opportunities for applying risk management

Risk-Informed Decision Making: Application to Technology Development Alternative Selection

Science.gov (United States)

Dezfuli, Homayoon; Maggio, Gaspare; Everett, Christopher

2010-01-01

NASA NPR 8000.4A, Agency Risk Management Procedural Requirements, defines risk management in terms of two complementary processes: Risk-informed Decision Making (RIDM) and Continuous Risk Management (CRM). The RIDM process is used to inform decision making by emphasizing proper use of risk analysis to make decisions that impact all mission execution domains (e.g., safety, technical, cost, and schedule) for program/projects and mission support organizations. The RIDM process supports the selection of an alternative prior to program commitment. The CRM process is used to manage risk associated with the implementation of the selected alternative. The two processes work together to foster proactive risk management at NASA. The Office of Safety and Mission Assurance at NASA Headquarters has developed a technical handbook to provide guidance for implementing the RIDM process in the context of NASA risk management and systems engineering. This paper summarizes the key concepts and procedures of the RIDM process as presented in the handbook, and also illustrates how the RIDM process can be applied to the selection of technology investments as NASA's new technology development programs are initiated.

Making decisions about liability and insurance a special issue of the journal of risk and uncertainty

CERN Document Server

Kunreuther, Howard

1993-01-01

Two related trends have created novel challenges for managing risk in the United States. The first trend is a series of dramatic changes in liability law as tort law has expanded to assign liability to defendants for reasons other than negligence. The unpredictability of future costs induced by changes in tort law may be partly responsible for the second major trend known as the `liability crisis' - the disappearance of liability protection in markets for particularly unpredictable risks. This book examines decisions people make about insurance and liability. An understanding of such decision making may help explain why the insurance crisis resulted from the new interpretations of tort law and what to do about it. The articles cover three kinds of decisions: consumer decisions to purchase insurance; insurer decisions about coverage they offer; and the decisions of the public about the liability rules they prefer, which are reflected in legislation and regulation. For each of these three kinds of decisions, no...

Quantifying uncertainty in pest risk maps and assessments: adopting a risk-averse decision maker’s perspective

Directory of Open Access Journals (Sweden)

Denys Yemshanov

2013-09-01

Full Text Available Pest risk maps are important decision support tools when devising strategies to minimize introductions of invasive organisms and mitigate their impacts. When possible management responses to an invader include costly or socially sensitive activities, decision-makers tend to follow a more certain (i.e., risk-averse course of action. We presented a new mapping technique that assesses pest invasion risk from the perspective of a risk-averse decision maker.We demonstrated the method by evaluating the likelihood that an invasive forest pest will be transported to one of the U.S. states or Canadian provinces in infested firewood by visitors to U.S. federal campgrounds. We tested the impact of the risk aversion assumption using distributions of plausible pest arrival scenarios generated with a geographically explicit model developed from data documenting camper travel across the study area. Next, we prioritized regions of high and low pest arrival risk via application of two stochastic ordering techniques that employed, respectively, first- and second-degree stochastic dominance rules, the latter of which incorporated the notion of risk aversion. We then identified regions in the study area where the pest risk value changed considerably after incorporating risk aversion.While both methods identified similar areas of highest and lowest risk, they differed in how they demarcated moderate-risk areas. In general, the second-order stochastic dominance method assigned lower risk rankings to moderate-risk areas. Overall, this new method offers a better strategy to deal with the uncertainty typically associated with risk assessments and provides a tractable way to incorporate decision-making preferences into final risk estimates, and thus helps to better align these estimates with particular decision-making scenarios about a pest organism of concern. Incorporation of risk aversion also helps prioritize the set of locations to target for inspections and

VALDOR 2003. Values in Decisions on Risk. Proceedings

Energy Technology Data Exchange (ETDEWEB)

Andersson, Kjell (ed.) [Karinta-Konsult, Taeby (Sweden)

2003-10-01

Many decisions that may have an impact on human health and the environment are often controversial and are made in value-laden and emotionally charged circumstances. The decision-making context is not only determined by the factual basis provided by the experts, but also by stakeholder pressure groups, extensive media coverage and the value systems of the experts themselves. Value judgements are often embedded in the technical assessments much more than usually appreciated. Risk assessment gives good opportunities to analyse and discuss these problems. It attracts great attention in modern society and requires contributions from a intricate mixture of technical risk assessment, sociology, ethics and political science. This complexity leads to high demands on transparency in order to arrive at high quality decisions, as well as requirements on public insight and participation. This symposium addressed the role of experts, media and and regulators in complex decisions, as well as procedures that can enhance transparency. Special focus was given to biotechnology and nuclear waste management. The problems of risk communication in these areas such as a high degree of complexity, fragmentation in debates, mixing facts and values, mistrust in experts, etc are shared with many other fields. The proceedings comprise 63 contributions, 50 of which have been separately indexed.

VALDOR 2003. Values in Decisions on Risk. Proceedings

International Nuclear Information System (INIS)

Andersson, Kjell

2003-10-01

Many decisions that may have an impact on human health and the environment are often controversial and are made in value-laden and emotionally charged circumstances. The decision-making context is not only determined by the factual basis provided by the experts, but also by stakeholder pressure groups, extensive media coverage and the value systems of the experts themselves. Value judgements are often embedded in the technical assessments much more than usually appreciated. Risk assessment gives good opportunities to analyse and discuss these problems. It attracts great attention in modern society and requires contributions from a intricate mixture of technical risk assessment, sociology, ethics and political science. This complexity leads to high demands on transparency in order to arrive at high quality decisions, as well as requirements on public insight and participation. This symposium addressed the role of experts, media and and regulators in complex decisions, as well as procedures that can enhance transparency. Special focus was given to biotechnology and nuclear waste management. The problems of risk communication in these areas such as a high degree of complexity, fragmentation in debates, mixing facts and values, mistrust in experts, etc are shared with many other fields. The proceedings comprise 63 contributions, 50 of which have been separately indexed

Disgust as a Mechanism for Decision Making Under Risk: Illuminating Sex Differences and Individual Risk-Taking Correlates of Disgust Propensity.

Science.gov (United States)

Sparks, Adam Maxwell; Fessler, Daniel M T; Chan, Kai Qin; Ashokkumar, Ashwini; Holbrook, Colin

2018-02-01

The emotion disgust motivates costly behavioral strategies that mitigate against potentially larger costs associated with pathogens, sexual behavior, and moral transgressions. Because disgust thereby regulates exposure to harm, it is by definition a mechanism for calibrating decision making under risk. Understanding this illuminates two features of the demographic distribution of this emotion. First, this approach predicts and explains sex differences in disgust. Greater female disgust propensity is often reported and discussed in the literature, but, to date, conclusions have been based on informal comparisons across a small number of studies, while existing functionalist explanations are at best incomplete. We report the results of an extensive meta-analysis documenting this sex difference, arguing that key features of this pattern are best explained as one manifestation of a broad principle of the evolutionary biology of risk-taking: for a given potential benefit, males in an effectively polygynous mating system accept the risk of harm more willingly than do females. Second, viewing disgust as a mechanism for decision making under risk likewise predicts that individual differences in disgust propensity should correlate with individual differences in various forms of risky behavior, because situational and dispositional factors that influence valuation of opportunity and hazard are often correlated across multiple decision contexts. In two large-sample online studies, we find consistent associations between disgust and risk avoidance. We conclude that disgust and related emotions can be usefully examined through the theoretical lens of decision making under risk in light of human evolution. (PsycINFO Database Record (c) 2018 APA, all rights reserved).

European Social Work Research Association SIG to Study Decisions, Assessment, and Risk.

Science.gov (United States)

Taylor, Brian; Killick, Campbell; Bertotti, Teresa; Enosh, Guy; Gautschi, Joel; Hietamäki, Johanna; Sicora, Alessandro; Whittaker, Andrew

2018-01-01

The increasing interest in professional judgement and decision making is often separate from the discourse about "risk," and the time-honored focus on assessment. The need to develop research in and across these topics was recognized in the founding of a Decisions, Assessment, and Risk Special Interest Group (DARSIG) by the European Social Work Research Association in 2014. The Group's interests include cognitive judgements; decision processes with clients, families, other professionals and courts; assessment tools and processes; the assessment, communication, and management of risk; and legal, ethical, and emotional aspects of these. This article outlines the founding and scope of DARSIG; gives an overview of decision making, assessment, and risk for practice; illustrates connections between these; and highlights future research directions. Professional knowledge about decision making, assessment, and risk complements knowledge about effectiveness of interventions. DARSIG promises to be a useful mechanism for the purpose.

Important characteristics of an entrepreneur in relation to risk taking: Czech Republic case study

Directory of Open Access Journals (Sweden)

Ludmila Kozubíková

2017-10-01

Full Text Available New businesses arising at the market usually operate in the sector of small and medium-sized enterprises and account for a significant part of the whole global economy. Not only the success of a start-up company, but also its sequel within the SME sector are significantly influenced by entrepreneur's personality. The aim of this article is to explore the attitude to financial risk in relation to sociodemographic characteristics (gender, education, age and the most important personality traits of entrepreneurs (risk-taking, decisiveness, optimism. We have analyzed the data collected from 1141 respondents during 2015 in 14 regions of Czech Republic. Empirical results of our paper show that the researched entrepreneurs rather can't manage financial risks in their firms regardless their gender, education, age or personality traits. Most entrepreneurs consider the importance of financial risk to increase during the crisis period. These opinions differed in relation to age, gender and such personality traits as "decisiveness" and "optimism". The results also show that the entrepreneurs try to minimise the financial risk through building-up reserves in relation to such qualities as "risk-taking" and "decisiveness" in comparison to a rather negative attitude to "optimism".

Risk Acceptance Criteria and/or Decision optimization

DEFF Research Database (Denmark)

Ditlevsen, Ove Dalager

1996-01-01

Acceptance criteria applied in practical risk analysis are recapitulated including the concept of rist profile. Modelling of risk profiles is illustrated on the basis of compound Poisson process models. The current practice of authoritative acceptance criteria formulation is discussed from...... a decision theoretical point of view. It is argued that the phenomenon of risk aversion rather than being of concern to the authority should be of concern to the owner. Finally it is discussed whether there is an ethical problem when formally capitalising human lives with a positive interest rate. Keywords......: Risk acceptance, Risk profile, Compound Poisson model for risk profile, Capitalization of human life, Risk aversion....

Modulation of risk/reward decision making by dopaminergic transmission within the basolateral amygdala.

Science.gov (United States)

Larkin, Joshua D; Jenni, Nicole L; Floresco, Stan B

2016-01-01

Dopamine (DA) transmission within cortico-limbic-striatal circuitry is integral in modulating decisions involving reward uncertainty. The basolateral amygdala (BLA) also plays a role in these processes, yet how DA transmission within this nucleus regulates cost/benefit decision making is unknown. We investigated the contribution of DA transmission within the BLA to risk/reward decision making assessed with a probabilistic discounting task. Rats were well-trained to choose between a small/certain reward and a large/risky reward, with the probability of obtaining the larger reward decreasing (100-12.5 %) or increasing (12.5-100 %) over a session. We examined the effects of antagonizing BLA D1 (SCH 23390, 0.1-1 μg) or D2 (eticlopride, 0.1-1 μg) receptors, as well as intra-BLA infusions of agonists for D1 (SKF 81297, 0.1-1 μg) and D2 (quinpirole, 1-10 μg) receptors. We also assessed how DA receptor stimulation may induce differential effects related to baseline levels of risky choice. BLA D1 receptor antagonism reduced risky choice by decreasing reward sensitivity, whereas D2 antagonism did not affect overall choice patterns. Stimulation of BLA D1 receptors optimized decision making in a baseline-dependent manner: in risk-averse rats, infusions of a lower dose of SKF81297 increased risky choice when reward probabilities were high (50 %), whereas in risk-prone rats, this drug reduced risky choice when probabilities were low (12.5 %). Quinpirole reduced risky choice in risk-prone rats, enhancing lose-shift behavior. These data highlight previously uncharacterized roles for BLA DA D1 and D2 receptors in biasing choice during risk/reward decision making through mediation of reward/negative feedback sensitivity.

Risk assessment for federal regulatory decisions on organisms produced through biotechnology

International Nuclear Information System (INIS)

Payne, John H.; Medley, Terry L.

1992-01-01

This article discusses: 1. Purposes and history of risk assessment: application to biotechnology; 2. Framework in the United States for decisions on organisms produced through biotechnology; 3. Choosing from among potential approaches to assessment: a). exposure assessment does not equate to risk assessment: what are the hazards?; b). Setting risk assessment priorities; c). 'Quantitative' environmental and 'quantitative' ecological risk assessments; d). Ecological risk assessments based on biological and ecological principles. 4. The bases for good regulatory decisions

Risk assessment for federal regulatory decisions on organisms produced through biotechnology

Energy Technology Data Exchange (ETDEWEB)

Payne, John H; Medley, Terry L [Biotechnology, Biologics and Environmental Protection Animal and Plant Health Inspection Service, U.S. Department of Agriculture, Hyattsville, MD (United States)

1992-07-01

This article discusses: 1. Purposes and history of risk assessment: application to biotechnology; 2. Framework in the United States for decisions on organisms produced through biotechnology; 3. Choosing from among potential approaches to assessment: a). exposure assessment does not equate to risk assessment: what are the hazards?; b). Setting risk assessment priorities; c). 'Quantitative' environmental and 'quantitative' ecological risk assessments; d). Ecological risk assessments based on biological and ecological principles. 4. The bases for good regulatory decisions.

Presenting quantitative information about decision outcomes: a risk communication primer for patient decision aid developers

Science.gov (United States)

2013-01-01

Background Making evidence-based decisions often requires comparison of two or more options. Research-based evidence may exist which quantifies how likely the outcomes are for each option. Understanding these numeric estimates improves patients’ risk perception and leads to better informed decision making. This paper summarises current “best practices” in communication of evidence-based numeric outcomes for developers of patient decision aids (PtDAs) and other health communication tools. Method An expert consensus group of fourteen researchers from North America, Europe, and Australasia identified eleven main issues in risk communication. Two experts for each issue wrote a “state of the art” summary of best evidence, drawing on the PtDA, health, psychological, and broader scientific literature. In addition, commonly used terms were defined and a set of guiding principles and key messages derived from the results. Results The eleven key components of risk communication were: 1) Presenting the chance an event will occur; 2) Presenting changes in numeric outcomes; 3) Outcome estimates for test and screening decisions; 4) Numeric estimates in context and with evaluative labels; 5) Conveying uncertainty; 6) Visual formats; 7) Tailoring estimates; 8) Formats for understanding outcomes over time; 9) Narrative methods for conveying the chance of an event; 10) Important skills for understanding numerical estimates; and 11) Interactive web-based formats. Guiding principles from the evidence summaries advise that risk communication formats should reflect the task required of the user, should always define a relevant reference class (i.e., denominator) over time, should aim to use a consistent format throughout documents, should avoid “1 in x” formats and variable denominators, consider the magnitude of numbers used and the possibility of format bias, and should take into account the numeracy and graph literacy of the audience. Conclusion A substantial and

Risk Analysis and Decision Making FY 2013 Milestone Report

Energy Technology Data Exchange (ETDEWEB)

Engel, David W.; Dalton, Angela C.; Dale, Crystal; Jones, Edward; Thompson, J.

2013-06-01

Risk analysis and decision making is one of the critical objectives of CCSI, which seeks to use information from science-based models with quantified uncertainty to inform decision makers who are making large capital investments. The goal of this task is to develop tools and capabilities to facilitate the development of risk models tailored for carbon capture technologies, quantify the uncertainty of model predictions, and estimate the technical and financial risks associated with the system. This effort aims to reduce costs by identifying smarter demonstrations, which could accelerate development and deployment of the technology by several years.

Effects of selective serotonin reuptake inhibition on neural activity related to risky decisions and monetary rewards in healthy males

DEFF Research Database (Denmark)

Macoveanu, Julian; Fisher, Patrick M; Haahr, Mette E

2014-01-01

the involvement of the normally functioning 5HT-system in decision-making under risk and processing of monetary rewards. The data suggest that prolonged SSRI treatment might reduce emotional engagement by reducing the impact of risk during decision-making or the impact of reward during outcome evaluation....... to placebo, the SSRI intervention did not alter individual risk-choice preferences, but modified neural activity during decision-making and reward processing: During the choice phase, SSRI reduced the neural response to increasing risk in lateral orbitofrontal cortex, a key structure for value-based decision-making...... functional MRI (fMRI) to investigate how a three-week fluoxetine intervention influences neural activity related to risk taking and reward processing. Employing a double-blinded parallel-group design, 29 healthy young males were randomly assigned to receive 3 weeks of a daily dose of 40 mg fluoxetine...

Presenting quantitative information about decision outcomes: a risk communication primer for patient decision aid developers

NARCIS (Netherlands)

Trevena, L.J.; Zikmund-Fisher, B.J.; Edwards, A.; Gaissmaier, W.; Galesic, M.; Han, P.K.J.; King, J.; Lawson, M.L.; Linder, S.K.; Lipkus, I.; Ozanne, E.; Peters, E.; Timmermans, D.R.M.; Woloshin, S.

2013-01-01

Background: Making evidence-based decisions often requires comparison of two or more options. Research-based evidence may exist which quantifies how likely the outcomes are for each option. Understanding these numeric estimates improves patients' risk perception and leads to better informed decision

Risk - Informed decision making at Loviisa NPP

International Nuclear Information System (INIS)

Vaurio, J.K.

1999-01-01

PSA has been used in many ways for risk-informed decision making at Loviisa power station. The most fruitful areas so far include: 1) Identification of dominating risk contributors and possible means for reducing risk by plant modification and improved procedures. 2) Providing risk perspective and economic criteria for assessing backfitting proposals. 3) Assessing the significance of ageing and needs for renewals. 4) Limiting, prioritising and optimising plant modifications. 5) Reducing testing requirements. 6) Justification of temporary as well as permanent configurations and extended outage times. 7) Planning and prioritisation of training programs. (au)

Risk - Informed decision making at Loviisa NPP

Energy Technology Data Exchange (ETDEWEB)

Vaurio, J.K. [Fortum Power and Heat Oy, Loviisa (Finland)

1999-09-01

PSA has been used in many ways for risk-informed decision making at Loviisa power station. The most fruitful areas so far include: 1) Identification of dominating risk contributors and possible means for reducing risk by plant modification and improved procedures. 2) Providing risk perspective and economic criteria for assessing backfitting proposals. 3) Assessing the significance of ageing and needs for renewals. 4) Limiting, prioritising and optimising plant modifications. 5) Reducing testing requirements. 6) Justification of temporary aswell as permanent configurations and extended outage times. 7) Planning and prioritisation of training programs. (au)

Promotion of technical harmonisation on risk-based decision making

International Nuclear Information System (INIS)

Kirchsteiger, Christian; Cojazzi, Giacomo

2000-01-01

The EC-JRC International Workshop on Promotion of Technical Harmonisation on Risk-Based Decision Making, held at Stresa and Ispra, Italy, 22-25 May 2000, was an experts meeting to discuss the possible need of developing an internationally accepted generic 'standard' for risk-based decision making.This paper briefly describes the workshop background, its organisation and summarises its main results and conclusions; it reflects the personal opinions of the authors and in no way commits the European Commission. (author)

Factors associated with confidence in decision making and satisfaction with risk communication among patients with atrial fibrillation.

Science.gov (United States)

Hedberg, Berith; Malm, Dan; Karlsson, Jan-Erik; Årestedt, Kristofer; Broström, Anders

2018-06-01

Atrial fibrillation is a prevalent cardiac arrhythmia. Effective communication of risks (e.g. stroke risk) and benefits of treatment (e.g. oral anticoagulants) is crucial for the process of shared decision making. The aim of this study was to explore factors associated with confidence in decision making and satisfaction with risk communication after a follow-up visit among patients who three months earlier had visited an emergency room for atrial fibrillation related symptoms. A cross-sectional design was used and 322 patients (34% women), mean age 66.1 years (SD 10.5 years) with atrial fibrillation were included in the south of Sweden. Clinical examinations were done post an atrial fibrillation episode. Self-rating scales for communication (Combined Outcome Measure for Risk Communication and Treatment Decision Making Effectiveness), uncertainty in illness (Mishel Uncertainty in Illness Scale-Community), mastery of daily life (Mastery Scale), depressive symptoms (Hospital Anxiety and Depression Scale) and vitality, physical health and mental health (36-item Short Form Health Survey) were used to collect data. Decreased vitality and mastery of daily life, as well as increased uncertainty in illness, were independently associated with lower confidence in decision making. Absence of hypertension and increased uncertainty in illness were independently associated with lower satisfaction with risk communication. Clinical atrial fibrillation variables or depressive symptoms were not associated with satisfaction with confidence in decision making or satisfaction with risk communication. The final models explained 29.1% and 29.5% of the variance in confidence in decision making and satisfaction with risk communication. Confidence in decision making is associated with decreased vitality and mastery of daily life, as well as increased uncertainty in illness, while absence of hypertension and increased uncertainty in illness are associated with risk communication satisfaction.

Uncertainty and sensitivity analysis of flood risk management decisions based on stationary and nonstationary model choices

Directory of Open Access Journals (Sweden)

Rehan Balqis M.

2016-01-01

Full Text Available Current practice in flood frequency analysis assumes that the stochastic properties of extreme floods follow that of stationary conditions. As human intervention and anthropogenic climate change influences in hydrometeorological variables are becoming evident in some places, there have been suggestions that nonstationary statistics would be better to represent the stochastic properties of the extreme floods. The probabilistic estimation of non-stationary models, however, is surrounded with uncertainty related to scarcity of observations and modelling complexities hence the difficulty to project the future condition. In the face of uncertain future and the subjectivity of model choices, this study attempts to demonstrate the practical implications of applying a nonstationary model and compares it with a stationary model in flood risk assessment. A fully integrated framework to simulate decision makers’ behaviour in flood frequency analysis is thereby developed. The framework is applied to hypothetical flood risk management decisions and the outcomes are compared with those of known underlying future conditions. Uncertainty of the economic performance of the risk-based decisions is assessed through Monte Carlo simulations. Sensitivity of the results is also tested by varying the possible magnitude of future changes. The application provides quantitative and qualitative comparative results that satisfy a preliminary analysis of whether the nonstationary model complexity should be applied to improve the economic performance of decisions. Results obtained from the case study shows that the relative differences of competing models for all considered possible future changes are small, suggesting that stationary assumptions are preferred to a shift to nonstationary statistics for practical application of flood risk management. Nevertheless, nonstationary assumption should also be considered during a planning stage in addition to stationary assumption

Survival or Mortality: Does Risk Attribute Framing Influence Decision-Making Behavior in a Discrete Choice Experiment?

Science.gov (United States)

Veldwijk, Jorien; Essers, Brigitte A B; Lambooij, Mattijs S; Dirksen, Carmen D; Smit, Henriette A; de Wit, G Ardine

2016-01-01

To test how attribute framing in a discrete choice experiment (DCE) affects respondents' decision-making behavior and their preferences. Two versions of a DCE questionnaire containing nine choice tasks were distributed among a representative sample of the Dutch population aged 55 to 65 years. The DCE consisted of four attributes related to the decision regarding participation in genetic screening for colorectal cancer (CRC). The risk attribute included was framed positively as the probability of surviving CRC and negatively as the probability of dying from CRC. Panel mixed-logit models were used to estimate the relative importance of the attributes. The data of the positively and negatively framed DCE were compared on the basis of direct attribute ranking, dominant decision-making behavior, preferences, and importance scores. The majority (56%) of the respondents ranked survival as the most important attribute in the positively framed DCE, whereas only a minority (8%) of the respondents ranked mortality as the most important attribute in the negatively framed DCE. Respondents made dominant choices based on survival significantly more often than based on mortality. The framing of the risk attribute significantly influenced all attribute-level estimates and resulted in different preference structures among respondents in the positively and negatively framed data set. Risk framing affects how respondents value the presented risk. Positive risk framing led to increased dominant decision-making behavior, whereas negative risk framing led to risk-seeking behavior. Attribute framing should have a prominent part in the expert and focus group interviews, and different types of framing should be used in the pilot version of DCEs as well as in actual DCEs to estimate the magnitude of the effect of choosing different types of framing. Copyright © 2016 International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. All rights reserved.

Use of Probabilistic Risk Assessment in Shuttle Decision Making Process

Science.gov (United States)

Boyer, Roger L.; Hamlin, Teri, L.

2011-01-01

This slide presentation reviews the use of Probabilistic Risk Assessment (PRA) to assist in the decision making for the shuttle design and operation. Probabilistic Risk Assessment (PRA) is a comprehensive, structured, and disciplined approach to identifying and analyzing risk in complex systems and/or processes that seeks answers to three basic questions: (i.e., what can go wrong? what is the likelihood of these occurring? and what are the consequences that could result if these occur?) The purpose of the Shuttle PRA (SPRA) is to provide a useful risk management tool for the Space Shuttle Program (SSP) to identify strengths and possible weaknesses in the Shuttle design and operation. SPRA was initially developed to support upgrade decisions, but has evolved into a tool that supports Flight Readiness Reviews (FRR) and near real-time flight decisions. Examples of the use of PRA for the shuttle are reviewed.

Decision making under ambiguity and under risk in mesial temporal lobe epilepsy.

Science.gov (United States)

Delazer, Margarete; Zamarian, Laura; Bonatti, Elisabeth; Kuchukhidze, Giorgi; Koppelstätter, Florian; Bodner, Thomas; Benke, Thomas; Trinka, Eugen

2010-01-01

Decision making is essential in everyday life. Though the importance of the mesial temporal lobe in emotional processing and feedback learning is generally recognized, decision making in mesial temporal lobe epilepsy (mTLE) is almost unexplored so far. Twenty-eight consecutive epilepsy patients with drug resistant mTLE and fifty healthy controls performed decision tasks under initial ambiguity (participants have to learn by feedback to make advantageous decisions) and under risk (advantageous choices may be made by estimating risks and by rational strategies). A subgroup analysis compared the performance of patients affected by MRI-verified abnormalities of the hippocampus or amygdala. The effect of lesion side was also assessed. In decision under ambiguity, mTLE patients showed marked deficits and did not improve over the task. Patients with hippocampus abnormality and patients with amygdala abnormality showed comparable deficits. No difference was found between right and left TLE groups. In decision under risk, mTLE patients performed at the same level as controls. Results suggest that mTLE patients have difficulties in learning from feedback and in making decisions in uncertain, ambiguous situations. By contrast, they are able to make advantageous decisions when full information is given and risks, possible gains and losses are exactly defined.

Trait mindfulness helps shield decision-making from translating into health-risk behavior.

Science.gov (United States)

Black, David S; Sussman, Steve; Johnson, C Anderson; Milam, Joel

2012-12-01

The cognitive tendency toward mindfulness may influence the enactment of health and risk behaviors by its bringing increased attention to and awareness of decision-making processes underlying behavior. The present study examined the moderating effect of trait mindfulness on associations between intentions to smoke (ITS)/smoking refusal self-efficacy (SRSE) and smoking frequency. Self-reports from Chinese adolescents (N = 5,287; mean age = 16.2 years, standard deviation = .7; 48.8% female) were collected in 24 schools. Smoking frequency was regressed on latent factor interactions Mindful Attention Awareness Scale*ITS and Mindful Attention Awareness Scale*SRSE, adjusting for school clustering effects and covariates. Both interaction terms were significant in cross-sectional analyses and showed that high ITS predicted higher smoking frequency among those low, relative to high, in trait mindfulness, whereas low SRSE predicted higher smoking frequency among those low, relative to high, in trait mindfulness. Findings suggest trait mindfulness possibly shields against decision-making processes that place adolescents at risk for smoking. Copyright © 2012 Society for Adolescent Health and Medicine. Published by Elsevier Inc. All rights reserved.

Risk-Based Decision Support of Water Resource Management Alternatives

National Research Council Canada - National Science Library

West, Paul D; Trainor, Timothy E

2006-01-01

.... A model is presented that combines a new risk assessment methodology with traditional decision-making tools to enable systems engineers to capture the full spectrum of operational risks during the design process...

Confronting the risks of terrorism: making the right decisions

International Nuclear Information System (INIS)

John Garrick, B.; Hall, James E.; Kilger, Max; McDonald, John C.; O'Toole, Tara; Probst, Peter S.; Rindskopf Parker, Elizabeth; Rosenthal, Robert; Trivelpiece, Alvin W.; Van Arsdale, Lee A.; Zebroski, Edwin L.

2004-01-01

This report offers a methodology for assessing, quantitatively, the risks of terrorism. The purpose of the methodology is to support effective decision making to combat terrorism. The emphasis is on terrorist attacks that could have catastrophic consequences. The perspective taken is that in order to make the right decisions about combating terrorism, their needs to be a systematic means of assessing the likelihood of such attacks. A process of implementation of the decisions resulting from risk assessment is essential. That process includes (1) an understanding of the nature of the threat, (2) an information system linked directly to 'intelligence' on terrorism, and (3) organizational structures that can take timely, coordinated, and effective actions. There must also be sound evidence that the methodology can be successfully applied. A description of the nature of terrorism, a terrorism risk assessment methodology, information requirements to fight terrorism, and recommendations for successful implementation is what this report is about

Perceptions of LWR risk for decision making

International Nuclear Information System (INIS)

Young, J.; Asselin, S.

1984-01-01

The Industry Degraded Core (IDCOR) Program was designed to develop a comprehensive, technically sound position on the issues related to potential accidents in light water reactors. One of the goals is to acquire knowledge and data so that a more realistic approach to the problem is possible. Some of the IDCOR tasks develop information in a Probabilistic Risk Assessment (PRA) framework. The PRA approach is structured upon reliability characteristics for individual components, such as pumps, valves and relays, which can be used to predict the frequency of system failures. System failure combinations can then be used to predict the probability of undesirable plant response to given initiating events. The IDCOR PRA tasks provide a significant amount of information related to the response of the plant to severe accidents. This information has been derived in a logical and consistent manner and so provides a coherent and rational basis for decision-making

'No Pink Ribbons': How Women's Lived Experiences With Breast Atypia Inform Decisions Involving Risk-Reducing Medications

Directory of Open Access Journals (Sweden)

Sarah L. Goff

2018-04-01

Full Text Available Purpose: Atypical hyperplasia (AH is associated with a nearly 4-fold elevation of lifetime risk for breast cancer, and lobular carcinoma in situ (LCIS is associated with a 7- to 8-fold risk. Women with AH/LCIS make numerous decisions in the course of treatment, including whether to take a risk-reducing medication, an option relatively few women pursue. We explored women’s decision-making processes through patient narratives in an effort to inform decision supports for AH/LCIS. Methods: We conducted in-depth interviews with 20 English-speaking women with AH/LCIS and no subsequent diagnosis of invasive breast cancer who had enrolled in the Rays of Hope Center for Breast Cancer Research patient registry between April 5, 2012, and March 31, 2016. Interviews were audiotaped, professionally transcribed, and qualitatively analyzed using thematic qualitative content analysis. Results: We identified three major narrative themes: 1 experiences with medical care; 2 decision-making; and 3 making sense of AH/LCIS. Each major theme had several subthemes, many of which map onto existing decisional theories and heuristics. Subthemes included the impact of life context on diagnosis meaning, emotional responses, changes in self-concept and body image, and understanding of the risk-benefit of risk-reducing medications. Conclusions: This narrative analysis offers important insights into how lived experience may influence decision-making for women with AH/LCIS. Decision supports that focus not only on analytic decisional processes, but also patients’ subjectivities and decisional heuristics, could prove useful for women and their health care providers.

Shame in decision making under risk conditions: Understanding the effect of transparency

Science.gov (United States)

2018-01-01

The role played by the emotion of shame in the area of decision-making in situations of risk has hardly been studied. In this article, we show how the socio-moral emotions and the anticipated feeling of shame associated with different options can determine our decisions, even overriding the cognitive choice tendency proposed by the certainty effect. To do so, we carried out an experiment with university students as participants, dividing them into four experimental conditions. Our findings suggest that people avoid making unethical decisions, both when these decisions are made public to others and when they remain in the private sphere. This result seems to indicate that the main factor in not making unethical decisions is related to the need to avoid transgressing an internal moral standard of behavior, and that the role of transparency is less relevant than expected. However, we propose that, although the effect of transparency is limited in reducing unethical economic decisions, it should continue to be taken into account in theoretical models that address the reasons people behave unethically. PMID:29444107

Shame in decision making under risk conditions: Understanding the effect of transparency.

Science.gov (United States)

Bonavia, Tomas; Brox-Ponce, Josué

2018-01-01

The role played by the emotion of shame in the area of decision-making in situations of risk has hardly been studied. In this article, we show how the socio-moral emotions and the anticipated feeling of shame associated with different options can determine our decisions, even overriding the cognitive choice tendency proposed by the certainty effect. To do so, we carried out an experiment with university students as participants, dividing them into four experimental conditions. Our findings suggest that people avoid making unethical decisions, both when these decisions are made public to others and when they remain in the private sphere. This result seems to indicate that the main factor in not making unethical decisions is related to the need to avoid transgressing an internal moral standard of behavior, and that the role of transparency is less relevant than expected. However, we propose that, although the effect of transparency is limited in reducing unethical economic decisions, it should continue to be taken into account in theoretical models that address the reasons people behave unethically.

Shame in decision making under risk conditions: Understanding the effect of transparency.

Directory of Open Access Journals (Sweden)

Tomas Bonavia

Full Text Available The role played by the emotion of shame in the area of decision-making in situations of risk has hardly been studied. In this article, we show how the socio-moral emotions and the anticipated feeling of shame associated with different options can determine our decisions, even overriding the cognitive choice tendency proposed by the certainty effect. To do so, we carried out an experiment with university students as participants, dividing them into four experimental conditions. Our findings suggest that people avoid making unethical decisions, both when these decisions are made public to others and when they remain in the private sphere. This result seems to indicate that the main factor in not making unethical decisions is related to the need to avoid transgressing an internal moral standard of behavior, and that the role of transparency is less relevant than expected. However, we propose that, although the effect of transparency is limited in reducing unethical economic decisions, it should continue to be taken into account in theoretical models that address the reasons people behave unethically.

Including model uncertainty in risk-informed decision making

International Nuclear Information System (INIS)

Reinert, Joshua M.; Apostolakis, George E.

2006-01-01

Model uncertainties can have a significant impact on decisions regarding licensing basis changes. We present a methodology to identify basic events in the risk assessment that have the potential to change the decision and are known to have significant model uncertainties. Because we work with basic event probabilities, this methodology is not appropriate for analyzing uncertainties that cause a structural change to the model, such as success criteria. We use the risk achievement worth (RAW) importance measure with respect to both the core damage frequency (CDF) and the change in core damage frequency (ΔCDF) to identify potentially important basic events. We cross-check these with generically important model uncertainties. Then, sensitivity analysis is performed on the basic event probabilities, which are used as a proxy for the model parameters, to determine how much error in these probabilities would need to be present in order to impact the decision. A previously submitted licensing basis change is used as a case study. Analysis using the SAPHIRE program identifies 20 basic events as important, four of which have model uncertainties that have been identified in the literature as generally important. The decision is fairly insensitive to uncertainties in these basic events. In three of these cases, one would need to show that model uncertainties would lead to basic event probabilities that would be between two and four orders of magnitude larger than modeled in the risk assessment before they would become important to the decision. More detailed analysis would be required to determine whether these higher probabilities are reasonable. Methods to perform this analysis from the literature are reviewed and an example is demonstrated using the case study

Quantifying uncertainty in pest risk maps and assessments: adopting a risk-averse decision maker’s perspective

Science.gov (United States)

Denys Yemshanov; Frank H. Koch; Mark J. Ducey; Robert A. Haack; Marty Siltanen; Kirsty Wilson

2013-01-01

Pest risk maps are important decision support tools when devising strategies to minimize introductions of invasive organisms and mitigate their impacts. When possible management responses to an invader include costly or socially sensitive activities, decision-makers tend to follow a more certain (i.e., risk-averse) course of action. We presented a new mapping technique...

School-Related Stress Experience as a Risk Factor for Bullying Behavior.

Science.gov (United States)

Natvig, Gerd Karin; Albrektsen, Grethe; Qvarnstrom, Ulla

2001-01-01

Studied associations between bullying behavior and school-related stress experience, self-efficacy, social support, and decision control in a sample of 885 Norwegian adolescents aged 13-15 years. Increasing school alienation was associated with an increased risk of bullying, while increasing support from teachers and peers decreased the risk.…

From science to decision-making: taking the risk to communicate on risks

Science.gov (United States)

Leroi, Eric

2015-04-01

Geoscientists and decision-makers have the same responsibility toward the society: reducing the damaging consequences induced by natural phenomena. They have to work together, geoscientists to improve the knowledge and decision-makers to take the "best" decision, both to design and implement balanced solutions, both to communicate. Feedback shows that if the collaboration between them has already improved, a lot has still to be done, especially in terms of communication; endless litany, geoscientists don't communicate in the right way! In a hyperspecialized technological and segmented society with sophisticated methods of communication, geoscientists don't use appropriate tools and terminology. It's true, and a lot of examples can be shown that highlight this! Risks is based on complex concepts, on notions that are poorly understood, even by scientists themselves, especially the concepts of probability and occurrence of phenomena. But the problem rest as well on the role and on the responsibility of the geoscientists. Risk management experts address geosciences and technology to identify problems and define protection, including prohibitive measures (such as not allowing building in hazardous areas). Policy makers and local planners want to know where to develop territories. On one hand the identification of problems, on the other hand the needs of solutions. Dialectic is not the same. When responsibility, money and image are the three main pillars of decision-making, long-term modeling and uncertainty, are the basic ones for geosciences. In our participative democracies people want to be actor of the development of their own territories; they want more freedom, more protection and less tax. Face to unrealistic political answers geoscientists have to explain and convince. It's not possible to gain on everything and some are going to loose. Shall geoscientists let decision-makers communicate on topics they hardly understand? No. Shall geoscientists communicate on

A decision framework for risk management, with application to the offshore oil and gas industry

International Nuclear Information System (INIS)

Aven, T.; Vinnem, J.E.; Wiencke, H.S.

2007-01-01

In this paper we present and discuss a decision framework for risk management. The framework comprises the basic elements: problem definition (challenges, goals and alternatives), stakeholders, concerns that affect the consequence analyses and the value judgments related to these consequences and analyses (frame conditions and constraints), identification of which consequence analyses to execute and the execution of these, managerial review and judgement, and the decision. The framework has novel aspects on the way of classifying the decision situations and characterising risks. The classification is based on the two dimensions, expected consequences, and uncertainties. Our starting point is the offshore oil and gas industry, but our framework and discussion is to a large extent general and could also be applied in other areas. An example is outlined to illustrate the use of the framework

Risk-Informed Decisions Optimization in Inspection and Maintenance

International Nuclear Information System (INIS)

Robertas Alzbutas

2002-01-01

The Risk-Informed Approach (RIA) used to support decisions related to inspection and maintenance program is considered. The use of risk-informed methods can help focus the adequate in-service inspections and control on the more important locations of complex dynamic systems. The focus is set on the highest risk measured as conditional core damage frequency, which is produced by the frequencies of degradation and final failure at different locations combined with the conditional failure consequence probability. The probabilities of different degradation states per year and consequences are estimated quantitatively. The investigation of inspection and maintenance process is presented as the combination of deterministic and probabilistic analysis based on general risk-informed model, which includes the inspection and maintenance program features. Such RIA allows an optimization of inspection program while maintaining probabilistic and fundamental deterministic safety requirements. The failure statistics analysis is used as well as the evaluation of reliability of inspections. The assumptions regarding the effectiveness of the inspection methods are based on a classification of the accessibility of the welds during the inspection and on the different techniques used for inspection. The probability of defect detection is assumed to depend on the parameters either through logarithmic or logit transformation. As example the modeling of the pipe systems inspection process is analyzed. The means to reduce a number of inspection sites and the cumulative radiation exposure to the NPP inspection personnel with a reduction of overall risk is presented together with used and developed software. The developed software can perform and administrate all the risk evaluations and ensure the possibilities to compare different options and perform sensitivity analysis. The approaches to define an acceptable level of risk are discussed. These approaches with appropriate software in

The influence of emotion regulation on decision-making under risk.

Science.gov (United States)

Martin, Laura N; Delgado, Mauricio R

2011-09-01

Cognitive strategies typically involved in regulating negative emotions have recently been shown to also be effective with positive emotions associated with monetary rewards. However, it is less clear how these strategies influence behavior, such as preferences expressed during decision-making under risk, and the underlying neural circuitry. That is, can the effective use of emotion regulation strategies during presentation of a reward-conditioned stimulus influence decision-making under risk and neural structures involved in reward processing such as the striatum? To investigate this question, we asked participants to engage in imagery-focused regulation strategies during the presentation of a cue that preceded a financial decision-making phase. During the decision phase, participants then made a choice between a risky and a safe monetary lottery. Participants who successfully used cognitive regulation, as assessed by subjective ratings about perceived success and facility in implementation of strategies, made fewer risky choices in comparison with trials where decisions were made in the absence of cognitive regulation. Additionally, BOLD responses in the striatum were attenuated during decision-making as a function of successful emotion regulation. These findings suggest that exerting cognitive control over emotional responses can modulate neural responses associated with reward processing (e.g., striatum) and promote more goal-directed decision-making (e.g., less risky choices), illustrating the potential importance of cognitive strategies in curbing risk-seeking behaviors before they become maladaptive (e.g., substance abuse).

The Influence of Emotion Regulation on Decision-making under Risk

Science.gov (United States)

Martin, Laura N.; Delgado, Mauricio R.

2011-01-01

Cognitive strategies typically involved in regulating negative emotions have recently been shown to also be effective with positive emotions associated with monetary rewards. However, it is less clear how these strategies influence behavior, such as preferences expressed during decision-making under risk, and the underlying neural circuitry. That is, can the effective use of emotion regulation strategies during presentation of a reward-conditioned stimulus influence decision-making under risk and neural structures involved in reward processing such as the striatum? To investigate this question, we asked participants to engage in imagery-focused regulation strategies during the presentation of a cue that preceded a financial decision-making phase. During the decision phase, participants then made a choice between a risky and a safe monetary lottery. Participants who successfully used cognitive regulation, as assessed by subjective ratings about perceived success and facility in implementation of strategies, made fewer risky choices in comparison to trials where decisions were made in the absence of cognitive regulation. Additionally, blood-oxygen-level-dependent (BOLD) responses in the striatum were attenuated during decision-making as a function of successful emotion regulation. These findings suggest that exerting cognitive control over emotional responses can modulate neural responses associated with reward processing (e.g., striatum), and promote more goal-directed decision-making (e.g., less risky choices), illustrating the potential importance of cognitive strategies in curbing risk-seeking behaviors before they become maladaptive (e.g., substance abuse). PMID:21254801

Reducing exposure to trust-related risks to avoid self-blame.

Science.gov (United States)

Effron, Daniel A; Miller, Dale T

2011-02-01

Three studies demonstrated that anticipated self-blame elicits more conservative decisions about risks that require trust than about otherwise economically identical risks that do not. Participants were more reluctant to invest money in a company when it risked failure due to fraud versus low consumer demand (Study 1), and to risk points in an economic game when its outcome ostensibly depended on another participant versus chance (Studies 2 and 3). These effects were mediated by anticipated self-blame (Studies 1 and 2). Additionally, participants who actually experienced a loss felt more self-blame when the loss violated their trust and became even more conservative in subsequent risk decisions relative to participants whose loss did not violate their trust (Study 3). No support emerged for alternative explanations based on either the perceived probability of incurring a loss or an aversion to losses that profit others. The motivational power of trust violations is discussed.

On risk measures and decisions in insurance and finance

NARCIS (Netherlands)

Goovaerts, M.J.; Kaas, R.; Laeven, R.J.A.

2009-01-01

In this paper, we argue that a distinction exists between risk measures and decision principles. Though both are functionals assigning a real number to a random variable, we think there is a hierarchy between the two concepts. Risk measures operate on the first "level", quantifying the risk in the

Decision-makers' Risk Perception in the Internationalisation of Small and Medium-Sized Firms

DEFF Research Database (Denmark)

Eduardsen, Jonas Strømfeldt; Marinova, Svetla Trifonova

2016-01-01

awareness exists, decision-makers do not perceive internationalisation as risky behaviour. Findings highlight the importance of decision-makers’ background, including cognitive and psychological characteristics, such as self-efficacy and locus of control, and their experiences in explaining risk perceptions......This study examines the risk perception of decision-makers in small and medium sized enterprises (SMEs) and the factors underlying these perceptions in the process of internationalization of their firms. While risk perception has been identified as a potential predictor variable...... in internationalisation research, very little work has been done exploring the factors and processes that shape decision-makers’ perception of risk. A qualitative interview-based approach was adopted by collecting data from thirty-two Danish SMEs operating in four different industries. Findings suggest that while risk...

Interactions Among Insider Ownership, Dividend Policy, Debt Policy, Investment Decision, and Business Risk

OpenAIRE

F., Indri Erkaningrum

2013-01-01

The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchan...

Perceptions of risk, risk aversion, and barriers to adoption of decision support systems and integrated pest management: an introduction.

Science.gov (United States)

Gent, David H; De Wolf, Erick; Pethybridge, Sarah J

2011-06-01

Rational management of plant diseases, both economically and environmentally, involves assessing risks and the costs associated with both correct and incorrect tactical management decisions to determine when control measures are warranted. Decision support systems can help to inform users of plant disease risk and thus assist in accurately targeting events critical for management. However, in many instances adoption of these systems for use in routine disease management has been perceived as slow. The under-utilization of some decision support systems is likely due to both technical and perception constraints that have not been addressed adequately during development and implementation phases. Growers' perceptions of risk and their aversion to these perceived risks can be reasons for the "slow" uptake of decision support systems and, more broadly, integrated pest management (IPM). Decision theory provides some tools that may assist in quantifying and incorporating subjective and/or measured probabilities of disease occurrence or crop loss into decision support systems. Incorporation of subjective probabilities into IPM recommendations may be one means to reduce grower uncertainty and improve trust of these systems because management recommendations could be explicitly informed by growers' perceptions of risk and economic utility. Ultimately though, we suggest that an appropriate measure of the value and impact of decision support systems is grower education that enables more skillful and informed management decisions independent of consultation of the support tool outputs.

The use of comparative risk assessment in decision making

International Nuclear Information System (INIS)

Chicken, J.C.; Hayns, M.R.; Tolley, B.

1989-01-01

This paper justifies: 1) Comparative risk assessment provides a way of establishing whether or not the risks associated with a novel proposal are likely to satisfy current norms. 2) Comparative risk assessment is an aid to decision making when for some reason there is inadequate quantitative data about the risks associated with a project. 3) One problem is that there is no single universally acceptable norm. Norms vary both with time and from activity to activity. The spread of acceptable norms spans at least two orders of magnitude. 4) For any comparative risk assessment to be considered more than a suggestion on how acceptable a risk is, the risks that are compared must be similar and located in similar cultural and geographical environments. 5) Ulitmately justification of the acceptability of a project must be based on data generated directly by the project itself and any opinion based on comparative evidence must be iteratively revised as direct hard evidence becomes available. 6) Comparative risk assessment has a useful role in presentations to the lay public about the acceptability of a particular risk. 7) There may be more problems in making a comparative assessment of risk acceptability in socio-political terms than in technical or economic terms. The central requirement that the comparison must be based on data from similar cultural backgrounds is often hard to satisfy in relation to socio-political considerations

Responsibility, guilt, and decision under risk.

Science.gov (United States)

Mancini, Francesco; Gangemi, Amelia

2003-12-01

We hypothesize that individuals' choices (risk-seeking/risk-aversion) depend on moral values and, in particular, on how subjects evaluate themselves as guilty or as victims of a wrong rather than on the descriptions of the outcomes as given in the options and evaluated accordingly as gains or losses (framing effect). People who evaluate themselves as victims are expected to show a risk-seeking preference (context of innocence). People who evaluate themselves as guilty are expected to show a risk-averse preference (context of guilt). Responses of 232 participants to a decision problem were compared in four different conditions involving two-story formats (innocence/guilt) and two-question-options formats (gain/loss). Regardless of the format of the question options, the story format appears to be an important determinant of individuals' preferences.

Sensitivity and bias in decision-making under risk: evaluating the perception of reward, its probability and value.

Directory of Open Access Journals (Sweden)

Madeleine E Sharp

Full Text Available BACKGROUND: There are few clinical tools that assess decision-making under risk. Tests that characterize sensitivity and bias in decisions between prospects varying in magnitude and probability of gain may provide insights in conditions with anomalous reward-related behaviour. OBJECTIVE: We designed a simple test of how subjects integrate information about the magnitude and the probability of reward, which can determine discriminative thresholds and choice bias in decisions under risk. DESIGN/METHODS: Twenty subjects were required to choose between two explicitly described prospects, one with higher probability but lower magnitude of reward than the other, with the difference in expected value between the two prospects varying from 3 to 23%. RESULTS: Subjects showed a mean threshold sensitivity of 43% difference in expected value. Regarding choice bias, there was a 'risk premium' of 38%, indicating a tendency to choose higher probability over higher reward. An analysis using prospect theory showed that this risk premium is the predicted outcome of hypothesized non-linearities in the subjective perception of reward value and probability. CONCLUSIONS: This simple test provides a robust measure of discriminative value thresholds and biases in decisions under risk. Prospect theory can also make predictions about decisions when subjective perception of reward or probability is anomalous, as may occur in populations with dopaminergic or striatal dysfunction, such as Parkinson's disease and schizophrenia.

Sensitivity and Bias in Decision-Making under Risk: Evaluating the Perception of Reward, Its Probability and Value

Science.gov (United States)

Sharp, Madeleine E.; Viswanathan, Jayalakshmi; Lanyon, Linda J.; Barton, Jason J. S.

2012-01-01

Background There are few clinical tools that assess decision-making under risk. Tests that characterize sensitivity and bias in decisions between prospects varying in magnitude and probability of gain may provide insights in conditions with anomalous reward-related behaviour. Objective We designed a simple test of how subjects integrate information about the magnitude and the probability of reward, which can determine discriminative thresholds and choice bias in decisions under risk. Design/Methods Twenty subjects were required to choose between two explicitly described prospects, one with higher probability but lower magnitude of reward than the other, with the difference in expected value between the two prospects varying from 3 to 23%. Results Subjects showed a mean threshold sensitivity of 43% difference in expected value. Regarding choice bias, there was a ‘risk premium’ of 38%, indicating a tendency to choose higher probability over higher reward. An analysis using prospect theory showed that this risk premium is the predicted outcome of hypothesized non-linearities in the subjective perception of reward value and probability. Conclusions This simple test provides a robust measure of discriminative value thresholds and biases in decisions under risk. Prospect theory can also make predictions about decisions when subjective perception of reward or probability is anomalous, as may occur in populations with dopaminergic or striatal dysfunction, such as Parkinson's disease and schizophrenia. PMID:22493669

Regional scale ecological risk assessment: using the relative risk model

National Research Council Canada - National Science Library

Landis, Wayne G

2005-01-01

...) in the performance of regional-scale ecological risk assessments. The initial chapters present the methodology and the critical nature of the interaction between risk assessors and decision makers...

The effect of alternative summary statistics for communicating risk reduction on decisions about taking statins: a randomized trial.

Directory of Open Access Journals (Sweden)

Cheryl L L Carling

2009-08-01

Full Text Available BACKGROUND: While different ways of presenting treatment effects can affect health care decisions, little is known about which presentations best help people make decisions consistent with their own values. We compared six summary statistics for communicating coronary heart disease (CHD risk reduction with statins: relative risk reduction and five absolute summary measures-absolute risk reduction, number needed to treat, event rates, tablets needed to take, and natural frequencies. METHODS AND FINDINGS: We conducted a randomized trial to determine which presentation resulted in choices most consistent with participants' values. We recruited adult volunteers who participated through an interactive Web site. Participants rated the relative importance of outcomes using visual analogue scales (VAS. We then randomized participants to one of the six summary statistics and asked them to choose whether to take statins based on this information. We calculated a relative importance score (RIS by subtracting the VAS scores for the downsides of taking statins from the VAS score for CHD. We used logistic regression to determine the association between participants' RIS and their choice. 2,978 participants completed the study. Relative risk reduction resulted in a 21% higher probability of choosing to take statins over all values of RIS compared to the absolute summary statistics. This corresponds to a number needed to treat (NNT of 5; i.e., for every five participants shown the relative risk reduction one additional participant chose to take statins, compared to the other summary statistics. There were no significant differences among the absolute summary statistics in the association between RIS and participants' decisions whether to take statins. Natural frequencies were best understood (86% reported they understood them well or very well, and participants were most satisfied with this information. CONCLUSIONS: Presenting the benefits of taking statins as

Management of the radon-related risk. Guide for local authorities. Guide for employers

International Nuclear Information System (INIS)

Struillou, Yves; Gupta, Olivier

2017-01-01

A first guide aims at being an aid to decision by specifying obligations of local authorities as owners of buildings open to public or as employers, but also at being a support for their health and social actions in terms of information on radon risk in housing. After a presentation of the risk related to radon (health risks, radon propagation, regulatory areas concerned by radon risk management in France), the report indicates the various obligations and mandatory actions for local authorities as building owner and as employer, and actions to be undertaken for existing and new buildings. Technical sheets are provided regarding radon detection, certifications, simple actions, technical diagnosis, remediation works, efficiency control of technical solutions, expert in radiation protection. The second guide aims at being an aid to decision by specifying obligations for employers in terms of management of radon-related risk to which some workers might be exposed, and at providing some good practice recommendations. After a presentation of the risk related to radon (health risks, radon propagation, regulatory areas concerned by radon risk management in France), the report addresses how to organise the radon-related risk management, how to measure radon in work places, how to interpret results and which actions to undertake. Technical sheets are provided regarding radon detection, certifications, simple actions, technical diagnosis, remediation works, efficiency control of technical solutions, expert in radiation protection

INTERACTIONS AMONG INSIDER OWNERSHIP, DIVIDEND POLICY, DEBT POLICY, INVESTMENT DECISION, AND BUSINESS RISK

OpenAIRE

F., Indri Erkaningrum

2015-01-01

The study of interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk is still conducted. This research aims at investigating theinfluencing factors of insider ownership, dividend policy, debt policy, investment decision, business risk, and the interaction among insider ownership, dividend policy, debt policy, investment decision, and business risk. The samples of the research are 137 manufacturing companies listed in the Indonesia Stock Exchan...

Whose Values? Whose Risk? Exploring Decision Making About Trial of Labor After Cesarean.

Science.gov (United States)

Charles, Sonya; Wolf, Allison B

2018-06-01

In this article, we discuss decision making during labor and delivery, specifically focusing on decision making around offering women a trial of labor after cesarean section (TOLAC). Many have discussed how humans are notoriously bad at assessing risks and how we often distort the nature of various risks surrounding childbirth. We will build on this discussion by showing that physicians make decisions around TOLAC not only based on distortions of risk, but also based on personal values (i.e. what level of risk are you comfortable with or what types of risks are you willing to take) rather than medical data (or at least medical data alone). As a result of this, we will further suggest that the party who is best epistemically situated to make decisions about TOLAC is the woman herself.

Risk patterns and correlated brain activities. Multidimensional statistical analysis of FMRI data in economic decision making study.

Science.gov (United States)

van Bömmel, Alena; Song, Song; Majer, Piotr; Mohr, Peter N C; Heekeren, Hauke R; Härdle, Wolfgang K

2014-07-01

Decision making usually involves uncertainty and risk. Understanding which parts of the human brain are activated during decisions under risk and which neural processes underly (risky) investment decisions are important goals in neuroeconomics. Here, we analyze functional magnetic resonance imaging (fMRI) data on 17 subjects who were exposed to an investment decision task from Mohr, Biele, Krugel, Li, and Heekeren (in NeuroImage 49, 2556-2563, 2010b). We obtain a time series of three-dimensional images of the blood-oxygen-level dependent (BOLD) fMRI signals. We apply a panel version of the dynamic semiparametric factor model (DSFM) presented in Park, Mammen, Wolfgang, and Borak (in Journal of the American Statistical Association 104(485), 284-298, 2009) and identify task-related activations in space and dynamics in time. With the panel DSFM (PDSFM) we can capture the dynamic behavior of the specific brain regions common for all subjects and represent the high-dimensional time-series data in easily interpretable low-dimensional dynamic factors without large loss of variability. Further, we classify the risk attitudes of all subjects based on the estimated low-dimensional time series. Our classification analysis successfully confirms the estimated risk attitudes derived directly from subjects' decision behavior.

Risk and Rationality in Adolescent Decision Making: Implications for Theory, Practice, and Public Policy.

Science.gov (United States)

Reyna, Valerie F; Farley, Frank

2006-09-01

. Interventions to reduce risk taking must take into account the different causes of such behavior if they are to be effective. Longitudinal and experimental research are needed to disentangle opposing causal processes-particularly, those that produce positive versus negative relations between risk perceptions and behaviors. Counterintuitive findings that must be accommodated by any adequate theory of risk taking include the following: (a) Despite conventional wisdom, adolescents do not perceive themselves to be invulnerable, and perceived vulnerability declines with increasing age; (b) although the object of many interventions is to enhance the accuracy of risk perceptions, adolescents typically overestimate important risks, such as HIV and lung cancer; (c) despite increasing competence in reasoning, some biases in judgment and decision making grow with age, producing more "irrational" violations of coherence among adults than among adolescents and younger children. The latter occurs because of a known developmental increase in gist processing with age. One implication of these findings is that traditional interventions stressing accurate risk perceptions are apt to be ineffective or backfire because young people already feel vulnerable and overestimate their risk. In addition, research shows that experience is not a good teacher for children and younger adolescents, because they tend to learn little from negative outcomes (favoring the use of effective deterrents, such as monitoring and supervision), although learning from experience improves considerably with age. Experience in the absence of negative consequences may increase feelings of invulnerability and thus explain the decrease in risk perceptions from early to late adolescence, as exploration increases. Finally, novel interventions that discourage deliberate weighing of risks and benefits by adolescents may ultimately prove more effective and enduring. Mature adults apparently resist taking risks not out of any

Real-time sun protection decisions in first-degree relatives of melanoma patients.

Science.gov (United States)

Hay, Jennifer L; Shuk, Elyse; Schofield, Elizabeth; Loeb, Rebecca; Holland, Susan; Burkhalter, Jack; Li, Yuelin

2017-09-01

Melanoma is the most serious skin cancer, and consistent use of sun protection is recommended to reduce risk. Yet sun protection use is generally inconsistent. Understanding the decisional factors driving sun protection choices could aid in intervention development to promote sun protection maintenance. In 59 first-degree relatives of melanoma patients, an interactive voice response system (IVRS) on participants' cell phones was used to assess twice daily (morning, afternoon) real-time sun protection usage (sunscreen, shade, hats, protective clothing) and decision factors (weather, type of activity, convenience, social support) over a 14-day summer interval where morning and afternoon outdoor exposures were anticipated. Generalized estimating equations and hierarchical linear models were used to examine the effect of demographics and decisional factors on sun protection choices over time. Sun protection use was inconsistent (e.g., 61% used sunscreen inconsistently). Most strategies were used independently, with the exception of moderate overlap of sunscreen and hat usage. Decision factors were highly relevant for sun protection. For instance, sunscreen use was related to the perception of having adequate time to apply it, whereas shade and hat usage were each related to convenience. Few findings emerged by gender, age, time of day, or year. Significant within-subject variation remained, however. The findings support continued examination of decision factors in understanding sun protection consistency in real time. Interventions where cues to action and environmental supports work together in varied settings can be developed to improve sun protection maintenance in populations at risk for this common disease. (PsycINFO Database Record (c) 2017 APA, all rights reserved).

Needs for Risk Informing Environmental Cleanup Decision Making - 13613

International Nuclear Information System (INIS)

Zhu, Ming; Moorer, Richard

2013-01-01

This paper discusses the needs for risk informing decision making by the U.S. Department of Energy (DOE) Office of Environmental Management (EM). The mission of the DOE EM is to complete the safe cleanup of the environmental legacy brought about from the nation's five decades of nuclear weapons development and production and nuclear energy research. This work represents some of the most technically challenging and complex cleanup efforts in the world and is projected to require the investment of billions of dollars and several decades to complete. Quantitative assessments of health and environmental risks play an important role in work prioritization and cleanup decisions of these challenging environmental cleanup and closure projects. The risk assessments often involve evaluation of performance of integrated engineered barriers and natural systems over a period of hundreds to thousands of years, when subject to complex geo-environmental transformation processes resulting from remediation and disposal actions. The requirement of resource investments for the cleanup efforts and the associated technical challenges have subjected the EM program to continuous scrutiny by oversight entities. Recent DOE reviews recommended application of a risk-informed approach throughout the EM complex for improved targeting of resources. The idea behind this recommendation is that by using risk-informed approaches to prioritize work scope, the available resources can be best utilized to reduce environmental and health risks across the EM complex, while maintaining the momentum of the overall EM cleanup program at a sustainable level. In response to these recommendations, EM is re-examining its work portfolio and key decision making with risk insights for the major sites. This paper summarizes the review findings and recommendations from the DOE internal reviews, discusses the needs for risk informing the EM portfolio and makes an attempt to identify topics for R and D in integrated

An application of the value tree analysis methodology within the integrated risk informed decision making for the nuclear facilities

International Nuclear Information System (INIS)

Borysiewicz, Mieczysław; Kowal, Karol; Potempski, Sławomir

2015-01-01

A new framework of integrated risk informed decision making (IRIDM) has been recently developed in order to improve the risk management of the nuclear facilities. IRIDM is a process in which qualitatively different inputs, corresponding to different types of risk, are jointly taken into account. However, the relative importance of the IRIDM inputs and their influence on the decision to be made is difficult to be determined quantitatively. An improvement of this situation can be achieved by application of the Value Tree Analysis (VTA) methods. The aim of this article is to present the VTA methodology in the context of its potential usage in the decision making on nuclear facilities. The benefits of the VTA application within the IRIDM process were identified while making the decision on fuel conversion of the research reactor MARIA. - Highlights: • New approach to risk informed decision making on nuclear facilities was postulated. • Value tree diagram was developed for decision processes on nuclear installations. • An experiment was performed to compare the new approach with the standard one. • Benefits of the new approach were reached in fuel conversion of a research reactor. • The new approach makes the decision making process more transparent and auditable

Risk Communication Emergency Response Preparedness: Contextual Assessment of the Protective Action Decision Model.

Science.gov (United States)

Heath, Robert L; Lee, Jaesub; Palenchar, Michael J; Lemon, Laura L

2018-02-01

Studies are continuously performed to improve risk communication campaign designs to better prepare residents to act in the safest manner during an emergency. To that end, this article investigates the predictive ability of the protective action decision model (PADM), which links environmental and social cues, predecision processes (attention, exposure, and comprehension), and risk decision perceptions (threat, alternative protective actions, and stakeholder norms) with protective action decision making. This current quasi-longitudinal study of residents (N = 400 for each year) in a high-risk (chemical release) petrochemical manufacturing community investigated whether PADM core risk perceptions predict protective action decision making. Telephone survey data collected at four intervals (1995, 1998, 2002, 2012) reveal that perceptions of protective actions and stakeholder norms, but not of threat, currently predict protective action decision making (intention to shelter in place). Of significance, rather than threat perceptions, perception of Wally Wise Guy (a spokes-character who advocates shelter in place) correlates with perceptions of protective action, stakeholder norms, and protective action decision making. Wally's response-efficacy advice predicts residents' behavioral intentions to shelter in place, thereby offering contextually sensitive support and refinement for PADM. © 2017 Society for Risk Analysis.

The relationship between risk factors and aeronautical decision making in the flight training environment

Science.gov (United States)

Wetmore, Michael J.

The purpose of this applied dissertation was to investigate the relationship between risk factors and aeronautical decision making in the flight training environment using a quantitative, non-experimental, ex post facto research design. All 75 of the flight training accidents that involved a fatality from the years 2001-2003 were selected for study from the National Transportation Safety Board (NTSB) aviation accident database. Objective evidence from the Factual Reports was used to construct accident chains and to code and quantify total risk factors and total poor aeronautical decisions. The data were processed using correlational statistical tests at the 1% significance level. There was a statistically significant relationship between total risk factors per flight and poor decisions per flight. Liveware risks were the most prevalent risk factor category. More poor decisions were made during preflight than any other phase of flight. Pilots who made multiple poor decisions per flight had significantly higher risk factors per flight. A risk factor threat to decision making chart is presented for use by flight instructors and/or flight training organizations. The main threat to validity of this study was the NTSB accident investigation team investigative equality assumption.

Women's Drinking Decisions in Heterosocial Situations: Development and Validation of Scenarios to Assess Influence of Attraction and Risk-Awareness.

Science.gov (United States)

Noel, Nora E; Ogle, Richard L; Maisto, Stephen A; Jackson, Lee A; Loomis, Randi B; Heaton, Jennifer A

2016-07-01

These three related studies created a set of ecologically valid scenarios for assessing relative associations of both attraction and sexual coercion risk-recognition in college women's heterosocial situational drinking decisions. The first study constructed nine scenarios using input from heterosexual drinking women in the age cohort (18-30) most likely to experience alcohol-related sexual coercion. In the second study, 50 female undergraduates (ages 18-25) assessed the salience of three important dimensions (attraction, risk, and realism) in these scenarios. The third study was a factor analysis (and a follow-up confirmatory factor analysis) of the elements of coercion-risk as perceived by the target group with two female samples recruited 1 year apart (Sample 1: N = 157, ages 18-29); Sample 2: N = 157, ages 18-30). Results confirmed that the scenarios could be a useful vehicle for assessing how women balance out risk and attraction to make in-the moment heterosocial drinking decisions. The factor analysis showed participants perceived two types of situations, based on whether the male character was "Familiar" or "Just Met" and perceived themselves as happier and more excited with Familiar males. However, in contrast to HIV risk studies, Familiar males were perceived as higher risk for unwanted sex. Future research will use the six scenarios that emerged from the factor analysis to study how attraction and risk perception differentially affect young adult women's social drinking decisions.

Risk aversion in medical decision making: a survey

OpenAIRE

Liliana Chicaíza; Mario García; Giancarlo Romano

2011-01-01

This article surveys the literature on risk aversion in medical decision making. The search covered Econlit, Jstor Science Direct and Springer Link since 1985. The results are classified in three topics: Risk aversion in the frameworks of Expected Utility and Rank Dependent Expected Utility theories, and the methodologies for measuring risk aversion and its applications to clinical situations from the points of view of economics and psychology. It was found that, despite conceptual and method...

Decision Making about Risk of Infection by Young Adults with CF

Directory of Open Access Journals (Sweden)

Lisa Reynolds

2013-01-01

Full Text Available Young people with cystic fibrosis (CF are asked to avoid a number of environments associated with increased infection risk, but in practice they need to balance this with competing priorities such as building and sustaining relationships with friends and family. This study explored the process by which young people make these decisions. Mixed methods were used: a vignette study presenting choices around engaging in activities involving a degree of infection risk and a thematic analysis of participant's accounts of their decision making. The eight participants chose to engage in high risk behaviours in 59% of the choices. All participants chose to engage in at least one risky behavior, though this was less likely when the risk was significant. Thematic analysis revealed large areas of misunderstanding and lack of knowledge, leading to some potentially worrying misconceptions about the nature of infections and risk. Young people with CF are not currently making informed decisions around activities that involve increased risk of infection, and there is an urgent need for CF teams to address this in information provision.

Catastrophic risk : Social influences on insurance decisions

NARCIS (Netherlands)

Krawczyk, Michal; Trautmann, Stefan; van de Kuilen, Gijs

We study behavioral patterns of insurance demand for low-probability large-loss events (catastrophic losses). Individual patterns of belief formation and risk attitude that were suggested in the behavioral decisions literature emerge robustly in the current set of insurance choices. However, social

On the treatment of dependence in making decisions about risk

International Nuclear Information System (INIS)

Bier, V.M.

1989-01-01

Much attention has been paid to the treatment of dependence in performing probabilistic risk assessments (PRA). For instance, causal dependencies (e.g., common cause failures, cascade failures, and intersystem dependencies) have been taken into account in PRAs beginning with the Reactor Safety Study (USNRC, 1975). In addition, beginning in the early 1980s, attention began to be paid to the issue of probabilistic dependence between the failure rates (Apostolakis and Kaplan, 1981) or seismic fragilities (Kaplan, 1985) of similar components, and the impact of such dependence on risk estimates. By now, it has been clearly demonstrated that failure to take either casual or probabilistic dependence into account in PRAs can lead to misleading results, typically underestimates of the true risk. However, there has been little attention to date on the effects of dependence in the area of decision making. The objectives of this paper are to illustrate the potential importance of dependence in making decisions about risks, and to present some ideas on how to communicate the effects of dependence to decision makers in a clear and easily comprehensible manner

Prospect theory and body mass: characterizing psychological parameters for weight-related risk attitudes and weight-gain aversion.

Science.gov (United States)

Lim, Seung-Lark; Bruce, Amanda S

2015-01-01

We developed a novel decision-making paradigm that allows us to apply prospect theory in behavioral economics to body mass. 67 healthy young adults completed self-report measures and two decision-making tasks for weight-loss, as well as for monetary rewards. We estimated risk-related preference and loss aversion parameters for each individual, separately for weight-loss and monetary rewards choice data. Risk-seeking tendency for weight-loss was positively correlated with body mass index in individuals who desired to lose body weight, whereas the risk-seeking for momentary rewards was not. Risk-seeking for weight-loss was correlated to excessive body shape preoccupations, while aversion to weight-gain was correlated with self-reports of behavioral involvement for successful weight-loss. We demonstrated that prospect theory can be useful in explaining the decision-making process related to body mass. Applying prospect theory is expected to advance our understanding of decision-making mechanisms in obesity, which might prove helpful for improving healthy choices.

Prospect theory and body mass: Characterizing psychological parameters for weight-related risk attitudes and weight-gain aversion

Directory of Open Access Journals (Sweden)

Seung-Lark eLim

2015-03-01

Full Text Available We developed a novel decision-making paradigm that allows us to apply prospect theory in behavioral economics to body mass. 67 healthy young adults completed self-report measures and two decision-making tasks for weight-loss, as well as for monetary rewards. We estimated risk-related preference and loss aversion parameters for each individual, separately for weight-loss and monetary rewards choice data. Risk-seeking tendency for weight-loss was positively correlated with body mass index in individuals who desired to lose body weight, whereas the risk-seeking for momentary rewards was not. Risk-seeking for weight-loss was correlated to excessive body shape preoccupations, while aversion to weight-gain was correlated with self-reports of behavioral involvement for successful weight-loss. We demonstrated that prospect theory can be useful in explaining the decision-making process related to body mass. Applying prospect theory is expected to advance our understanding of decision-making mechanisms in obesity, which might prove helpful for improving healthy choices.

Impact of a decision aid about stratified ovarian cancer risk-management on women's knowledge and intentions: a randomised online experimental survey study.

Science.gov (United States)

Meisel, Susanne F; Freeman, Maddie; Waller, Jo; Fraser, Lindsay; Gessler, Sue; Jacobs, Ian; Kalsi, Jatinderpal; Manchanda, Ranjit; Rahman, Belinda; Side, Lucy; Wardle, Jane; Lanceley, Anne; Sanderson, Saskia C

2017-11-16

Risk stratification using genetic and other types of personal information could improve current best available approaches to ovarian cancer risk reduction, improving identification of women at increased risk of ovarian cancer and reducing unnecessary interventions for women at lower risk. Amounts of information given to women may influence key informed decision-related outcomes, e.g. knowledge. The primary aim of this study was to compare informed decision-related outcomes between women given one of two versions (gist vs. extended) of a decision aid about stratified ovarian cancer risk-management. This was an experimental survey study comparing the effects of brief (gist) information with lengthier, more detailed (extended) information on cognitions relevant to informed decision-making about participating in risk-stratified ovarian cancer screening. Women with no personal history of ovarian cancer were recruited through an online survey company and randomised to view the gist (n = 512) or extended (n = 519) version of a website-based decision aid and completed an online survey. Primary outcomes were knowledge and intentions. Secondary outcomes included attitudes (values) and decisional conflict. There were no significant differences between the gist and extended conditions in knowledge about ovarian cancer (time*group interaction: F = 0.20, p = 0.66) or intention to participate in ovarian cancer screening based on genetic risk assessment (t(1029) = 0.43, p = 0.67). There were also no between-groups differences in secondary outcomes. In the sample overall (n = 1031), knowledge about ovarian cancer increased from before to after exposure to the decision aid (from 5.71 to 6.77 out of a possible 10: t = 19.04, p type of content for decision aids about stratified ovarian cancer risk-management. This study was registered with the ISRCTN registry; registration number: ISRCTN48627877 .

Regulatory approach to risk informed decision making in India

International Nuclear Information System (INIS)

Chande, S.K.; Koley, J.

2001-01-01

Atomic Energy Regulatory Board (AERB), the authority for licensing and monitoring safety in Indian Nuclear Power Plants (NPPs), makes use of insights gained from PSA together with the results of the other deterministic analyses in taking decisions regarding the acceptability of the safety of the NPPs. PSA provides an estimation of risks; it also gives information on a balanced design by revealing interaction between engineered features and weak areas in a design. For regulatory use, PSA needs to be carried out using standardized methodology and state of the art technology. PSA helps regulators in taking faster and consistent decisions. Keeping in mind the limitations associated with PSA study, AERB has decided to adopt risk-informed decision making in regulatory licensing process. This paper describes the AERB policy regarding PSA and gives an overview of the experience in this area. (author)

Exploiting risk-reward structures in decision making under uncertainty.

Science.gov (United States)

Leuker, Christina; Pachur, Thorsten; Hertwig, Ralph; Pleskac, Timothy J

2018-06-01

People often have to make decisions under uncertainty-that is, in situations where the probabilities of obtaining a payoff are unknown or at least difficult to ascertain. One solution to this problem is to infer the probability from the magnitude of the potential payoff and thus exploit the inverse relationship between payoffs and probabilities that occurs in many domains in the environment. Here, we investigated how the mind may implement such a solution: (1) Do people learn about risk-reward relationships from the environment-and if so, how? (2) How do learned risk-reward relationships impact preferences in decision-making under uncertainty? Across three experiments (N = 352), we found that participants can learn risk-reward relationships from being exposed to choice environments with a negative, positive, or uncorrelated risk-reward relationship. They were able to learn the associations both from gambles with explicitly stated payoffs and probabilities (Experiments 1 & 2) and from gambles about epistemic events (Experiment 3). In subsequent decisions under uncertainty, participants often exploited the learned association by inferring probabilities from the magnitudes of the payoffs. This inference systematically influenced their preferences under uncertainty: Participants who had been exposed to a negative risk-reward relationship tended to prefer the uncertain option over a smaller sure option for low payoffs, but not for high payoffs. This pattern reversed in the positive condition and disappeared in the uncorrelated condition. This adaptive change in preferences is consistent with the use of the risk-reward heuristic. Copyright © 2018 Elsevier B.V. All rights reserved.

Ethical challenges related to elder care. High level decision-makers' experiences

Directory of Open Access Journals (Sweden)

Kihlgren Mona

2007-04-01

Full Text Available Abstract Background Few empirical studies have been found that explore ethical challenges among persons in high public positions that are responsible for elder care. The aim of this paper was to illuminate the meaning of being in ethically difficult situations related to elder care as experienced by high level decision-makers. Methods A phenomenological-hermeneutic method was used to analyse the eighteen interviews conducted with political and civil servant high level decision-makers at the municipality and county council level from two counties in Sweden. The participants worked at a planning and control as well as executive level and had both budget and quality of elder care responsibilities. Results Both ethical dilemmas and the meaning of being in ethically difficult situations related to elder care were revealed. No differences were seen between the politicians and the civil servants. The ethical dilemmas mostly concerned dealings with extensive care needs and working with a limited budget. The dilemmas were associated with a lack of good care and a lack of agreement concerning care such as vulnerable patients in inappropriate care settings, weaknesses in medical support, dissimilar focuses between the caring systems, justness in the distribution of care and deficient information. Being in ethically difficult situations was challenging. Associated with them were experiences of being exposed, having to be strategic and living with feelings such as aloneness and loneliness, uncertainty, lack of confirmation, the risk of being threatened or becoming a scapegoat and difficult decision avoidance. Conclusion Our paper provides further insight into the ethical dilemmas and ethical challenges met by high level decision-makers', which is important since the overall responsibility for elder care that is also ethically defensible rests with them. They have power and their decisions affect many stakeholders in elder care. Our results can be used to

Ethical challenges related to elder care. High level decision-makers' experiences.

Science.gov (United States)

Mamhidir, Anna-Greta; Kihlgren, Mona; Sorlie, Venke

2007-04-10

Few empirical studies have been found that explore ethical challenges among persons in high public positions that are responsible for elder care. The aim of this paper was to illuminate the meaning of being in ethically difficult situations related to elder care as experienced by high level decision-makers. A phenomenological-hermeneutic method was used to analyse the eighteen interviews conducted with political and civil servant high level decision-makers at the municipality and county council level from two counties in Sweden. The participants worked at a planning and control as well as executive level and had both budget and quality of elder care responsibilities. Both ethical dilemmas and the meaning of being in ethically difficult situations related to elder care were revealed. No differences were seen between the politicians and the civil servants. The ethical dilemmas mostly concerned dealings with extensive care needs and working with a limited budget. The dilemmas were associated with a lack of good care and a lack of agreement concerning care such as vulnerable patients in inappropriate care settings, weaknesses in medical support, dissimilar focuses between the caring systems, justness in the distribution of care and deficient information. Being in ethically difficult situations was challenging. Associated with them were experiences of being exposed, having to be strategic and living with feelings such as aloneness and loneliness, uncertainty, lack of confirmation, the risk of being threatened or becoming a scapegoat and difficult decision avoidance. Our paper provides further insight into the ethical dilemmas and ethical challenges met by high level decision-makers', which is important since the overall responsibility for elder care that is also ethically defensible rests with them. They have power and their decisions affect many stakeholders in elder care. Our results can be used to stimulate discussions between high level decision-makers and health

Executive function, approach sensitivity, and emotional decision making as influences on risk behaviors in young adults.

Science.gov (United States)

Patrick, Megan E; Blair, Clancy; Maggs, Jennifer L

2008-05-01

Relations among executive function, behavioral approach sensitivity, emotional decision making, and risk behaviors (alcohol use, drug use, and delinquent behavior) were examined in single female college students (N = 72). Hierarchical multiple regressions indicated a significant Approach Sensitivity x Working Memory interaction in which higher levels of alcohol use were associated with the combination of greater approach tendency and better working memory. This Approach Sensitivity x Working Memory interaction was also marginally significant for drug use and delinquency. Poor emotional decision making, as measured by a gambling task, was also associated with higher levels of alcohol use, but only for individuals low in inhibitory control. Findings point to the complexity of relations among aspects of self-regulation and personality and provide much needed data on neuropsychological correlates of risk behaviors in a nonclinical population.

Altered brain processing of decision-making in healthy first-degree biological relatives of suicide completers.

Science.gov (United States)

Ding, Y; Pereira, F; Hoehne, A; Beaulieu, M-M; Lepage, M; Turecki, G; Jollant, F

2017-08-01

Suicidal behavior is heritable, with the transmission of risk being related to the transmission of vulnerability traits. Previous studies suggest that risky decision-making may be an endophenotype of suicide. Here, we aimed at investigating brain processing of decision-making in relatives of suicide completers in order to shed light on heritable mechanisms of suicidal vulnerability. Seventeen healthy first-degree biological relatives of suicide completers with no personal history of suicidal behavior, 16 relatives of depressed patients without any personal or family history of suicidal behavior, and 19 healthy controls were recruited. Functional 3 T magnetic resonance imaging scans were acquired while participants underwent the Iowa Gambling Task, an economic decision-making test. Whole-brain analyses contrasting activations during risky vs safe choices were conducted with AFNI and FSL. Individuals with a family history of suicide in comparison to control groups showed altered contrasts in left medial orbitofrontal cortex, and right dorsomedial prefrontal cortex. This pattern was different from the neural basis of familial depression. Moreover, controls in comparison to relatives showed increased contrast in several regions including the post-central gyrus, posterior cingulate and parietal cortices, and cerebellum (culmen) in familial suicide; and inferior parietal, temporal, occipital, anteromedial and dorsolateral prefrontal cortices, and cerebellum (vermis) in familial depression. These findings most likely represent a complex combination of vulnerability and protective mechanisms in relatives. They also support a significant role for deficient risk processing, and ventral and dorsal prefrontal cortex functioning in the suicidal diathesis.

Development of a Spatial Decision Support System for Analyzing Changes in Hydro-meteorological Risk

Science.gov (United States)

van Westen, Cees

2013-04-01

In the framework of the EU FP7 Marie Curie ITN Network "CHANGES: Changing Hydro-meteorological Risks, as Analyzed by a New Generation of European Scientists (http://www.changes-itn.eu)", a spatial decision support system is under development with the aim to analyze the effect of risk reduction planning alternatives on reducing the risk now and in the future, and support decision makers in selecting the best alternatives. The SDSS is one of the main outputs of the CHANGES network, which will develop an advanced understanding of how global changes, related to environmental and climate change as well as socio-economical change, may affect the temporal and spatial patterns of hydro-meteorological hazards and associated risks in Europe; how these changes can be assessed, modeled, and incorporated in sustainable risk management strategies, focusing on spatial planning, emergency preparedness and risk communication. The CHANGES network consists of 11 full partners and 6 associate partners of which 5 private companies, representing 10 European countries. The CHANGES network has hired 12 Early Stage Researchers (ESRs) and is currently hiring 3-6 researchers more for the implementation of the SDSS. The Spatial Decision Support System will be composed of a number of integrated components. The Risk Assessment component allows to carry out spatial risk analysis, with different degrees of complexity, ranging from simple exposure (overlay of hazard and assets maps) to quantitative analysis (using different hazard types, temporal scenarios and vulnerability curves) resulting into risk curves. The platform does not include a component to calculate hazard maps, and existing hazard maps are used as input data for the risk component. The second component of the SDSS is a risk reduction planning component, which forms the core of the platform. This component includes the definition of risk reduction alternatives (related to disaster response planning, risk reduction measures and

How normative interpretations of climate risk assessment affect local decision-making: an exploratory study at the city scale in Cork, Ireland

Science.gov (United States)

McDermott, T. K. J.; Surminski, S.

2018-06-01

Urban areas already suffer substantial losses in both economic and human terms from climate-related disasters. These losses are anticipated to grow substantially, in part as a result of the impacts of climate change. In this paper, we investigate the process of translating climate risk data into action for the city level. We apply a commonly used decision-framework as our backdrop and explore where in this process climate risk assessment and normative political judgements intersect. We use the case of flood risk management in Cork city in Ireland to investigate what is needed for translating risk assessment into action at the local city level. Evidence presented is based on focus group discussions at two stakeholder workshops, and a series of individual meetings and phone-discussions with stakeholders involved in local decision-making related to flood risk management and adaptation to climate change, in Ireland. Respondents were chosen on the basis of their expertise or involvement in the decision-making processes locally and nationally. Representatives of groups affected by flood risk and flood risk management and climate adaptation efforts were also included. The Cork example highlights that, despite ever more accurate data and an increasing range of theoretical approaches available to local decision-makers, it is the normative interpretation of this information that determines what action is taken. The use of risk assessments for decision-making is a process that requires normative decisions, such as setting `acceptable risk levels' and identifying `adequate' protection levels, which will not succeed without broader buy-in and stakeholder participation. Identifying and embracing those normative views up-front could strengthen the urban adaptation process-this may, in fact, turn out to be the biggest advantage of climate risk assessment: it offers an opportunity to create a shared understanding of the problem and enables an informed evaluation and discussion of

How normative interpretations of climate risk assessment affect local decision-making: an exploratory study at the city scale in Cork, Ireland.

Science.gov (United States)

McDermott, T K J; Surminski, S

2018-06-13

Urban areas already suffer substantial losses in both economic and human terms from climate-related disasters. These losses are anticipated to grow substantially, in part as a result of the impacts of climate change. In this paper, we investigate the process of translating climate risk data into action for the city level. We apply a commonly used decision-framework as our backdrop and explore where in this process climate risk assessment and normative political judgements intersect. We use the case of flood risk management in Cork city in Ireland to investigate what is needed for translating risk assessment into action at the local city level. Evidence presented is based on focus group discussions at two stakeholder workshops, and a series of individual meetings and phone-discussions with stakeholders involved in local decision-making related to flood risk management and adaptation to climate change, in Ireland. Respondents were chosen on the basis of their expertise or involvement in the decision-making processes locally and nationally. Representatives of groups affected by flood risk and flood risk management and climate adaptation efforts were also included. The Cork example highlights that, despite ever more accurate data and an increasing range of theoretical approaches available to local decision-makers, it is the normative interpretation of this information that determines what action is taken. The use of risk assessments for decision-making is a process that requires normative decisions, such as setting 'acceptable risk levels' and identifying 'adequate' protection levels, which will not succeed without broader buy-in and stakeholder participation. Identifying and embracing those normative views up-front could strengthen the urban adaptation process-this may, in fact, turn out to be the biggest advantage of climate risk assessment: it offers an opportunity to create a shared understanding of the problem and enables an informed evaluation and discussion of

A Relational Approach to the Acquisition Decision-Making Process in the Military Organization

Directory of Open Access Journals (Sweden)

Gheorghe Minculete

2016-06-01

Full Text Available The market relations of military organizations focus on the acquisition of material goods and/or services. Nonetheless, the importance of the decisions related to the supply process is sometimes minimized. This attitude is so harmful for the effi cacy and effi ciency of the activities conducted by the military structure that at times it can have a negative impact on the management staff too. Problems may occur because the acquisition process must unfold performance-oriented; its main objective is the purchasing of material goods and/or services meant to ensure the smooth operation of the activities of the military organization. In case this cannot be achieved, it is highly probable that the mission of the organization itself is compromised. The present article explores the constitutive elements of the acquisition decision-making situation, certainty, uncertainty and risk connected to the purchasing mechanism, as well as the stages of the acquisition decision-making process

Regeneration decisions in forestry under climate change related uncertainties and risks

DEFF Research Database (Denmark)

Schou, Erik; Thorsen, Bo Jellesmark; Jacobsen, Jette Bredahl

2015-01-01

) assigned to each outcome. Results show that the later a forest manager expects to obtain certainty about climate change or the more skewed their belief distribution, the more will decisions be based on ex ante assessments — suggesting that if forest managers believe that climate change uncertainty......Future climate development and its effects on forest ecosystems are not easily predicted or described in terms of standard probability concepts. Nevertheless, forest managers continuously make long-term decisions that will be subject to climate change impacts. The manager's assessment of possible...... to generate a set of alternative outcomes, investigating effects on decision making of three aspects of uncertainty: (i) the perceived time horizon before there will be certainty on outcome, (ii) the spread of impacts across the set of alternative outcomes, and (iii) the subjective probability (belief...

A Decision Support System for Drinking Water Production Integrating Health Risks Assessment

Science.gov (United States)

Delpla, Ianis; Monteith, Donald T.; Freeman, Chris; Haftka, Joris; Hermens, Joop; Jones, Timothy G.; Baurès, Estelle; Jung, Aude-Valérie; Thomas, Olivier

2014-01-01

The issue of drinking water quality compliance in small and medium scale water services is of paramount importance in relation to the 98/83/CE European Drinking Water Directive (DWD). Additionally, concerns are being expressed over the implementation of the DWD with respect to possible impacts on water quality from forecast changes in European climate with global warming and further anticipated reductions in north European acid emissions. Consequently, we have developed a decision support system (DSS) named ARTEM-WQ (AwaReness Tool for the Evaluation and Mitigation of drinking Water Quality issues resulting from environmental changes) to support decision making by small and medium plant operators and other water stakeholders. ARTEM-WQ is based on a sequential risk analysis approach that includes consideration of catchment characteristics, climatic conditions and treatment operations. It provides a holistic evaluation of the water system, while also assessing human health risks of organic contaminants potentially present in treated waters (steroids, pharmaceuticals, pesticides, bisphenol-a, polychlorobiphenyls, polycyclic aromatic hydrocarbons, petrochemical hydrocarbons and disinfection by-products; n = 109). Moreover, the system provides recommendations for improvement while supporting decision making in its widest context. The tool has been tested on various European catchments and shows a promising potential to inform water managers of risks and appropriate mitigative actions. Further improvements should include toxicological knowledge advancement, environmental background pollutant concentrations and the assessment of the impact of distribution systems on water quality variation. PMID:25046634

Decreased modulation by the risk level on the brain activation during decision making in adolescents with internet gaming disorder

Directory of Open Access Journals (Sweden)

Xin eQi

2015-11-01

Full Text Available Greater impulse and risk-taking and reduced decision-making ability were reported as the main behavioral impairments in individuals with Internet gaming disorder (IGD, which has become a serious mental health issue worldwide. However, it is not clear to date how the risk level modulates brain activity during the decision-making process in IGD individuals. In this study, 23 adolescents with IGD and 24 healthy controls (HCs without IGD were recruited, and the Balloon Analog Risk Task (BART was used in a functional magnetic resonance imaging (fMRI experiment to evaluate the modulation of the risk level (the probability of balloon explosion on brain activity during risky decisionmaking in IGD adolescents. Reduced modulation of the risk level on the activation of the right dorsolateral prefrontal cortex (DLPFC during the active BART was found in IGD group compared to the HCs. In the IGD group, there was a significant negative correlation between the risk-related DLPFC activation during the active BART and the Barratt impulsivity scale (BIS-11 scores, which were significantly higher in IGD group compared with the HCs. Our study demonstrated that, as a critical decision-making-related brain region, the right DLPFC is less sensitive to risk in IGD adolescents compared with the HCs, which may contribute to the higher impulsivity level in IGD adolescents.

Risk aversion and risk seeking in multicriteria forest management: a Markov decision process approach

Science.gov (United States)

Joseph Buongiorno; Mo Zhou; Craig Johnston

2017-01-01

Markov decision process models were extended to reflect some consequences of the risk attitude of forestry decision makers. One approach consisted of maximizing the expected value of a criterion subject to an upper bound on the variance or, symmetrically, minimizing the variance subject to a lower bound on the expected value.  The other method used the certainty...

Parental risk management in relation to offspring defence: bad news for kids.

Science.gov (United States)

Mahr, Katharina; Riegler, Georg; Hoi, Herbert

2015-01-07

Do parents defend their offspring whenever necessary, and do self-sacrificing parents really exist? Studies recognized that parent defence is dynamic, mainly depending on the threat predators pose. In this context, parental risk management should consider the threat to themselves and to their offspring. Consequently, the observed defence should be a composite of both risk components. Surprisingly, no study so far has determined the influence of these two threat components on parental decision rules. In a field experiment, we investigated parental risk taking in relation to the threat posed to themselves and their offspring. To disentangle the two threat components, we examined defence behaviours of parent blue tits Cyanistes caeruleus towards three different predators and during different nestling developmental stages. Nest defence strategies in terms of alarm call intensity and nearest predator approach differed between the three predators. Defence intensity was only partly explained by threat level. Most importantly, parental risk management varied in relation to their own, but not offspring risk. Parent defence investment was independent of nestling risk when parents followed a high-risk strategy. However, parents considered nestling as well as parental risk when following a low-risk strategy. Our findings could have general implications for the economy of risk management and decision-making strategies in living beings, including humans. © 2014 The Author(s) Published by the Royal Society. All rights reserved.

A Flood Risk Assessment of Quang Nam, Vietnam Using Spatial Multicriteria Decision Analysis

Directory of Open Access Journals (Sweden)

Chinh Luu

2018-04-01

Full Text Available Vietnam is highly vulnerable to flood and storm impacts. Holistic flood risk assessment maps that adequately consider flood risk factors of hazard, exposure, and vulnerability are not available. These are vital for flood risk preparedness and disaster mitigation measures at the local scale. Unfortunately, there is a lack of knowledge about spatial multicriteria decision analysis and flood risk analysis more broadly in Vietnam. In response to this need, we identify and quantify flood risk components in Quang Nam province through spatial multicriteria decision analysis. The study presents a new approach to local flood risk assessment mapping, which combines historical flood marks with exposure and vulnerability data. The flood risk map output could assist and empower decision-makers in undertaking flood risk management activities in the province. Our study demonstrates a methodology to build flood risk assessment maps using flood mark, exposure and vulnerability data, which could be applied in other provinces in Vietnam.

Balancing risk and reward: a rat model of risky decision making.

Science.gov (United States)

Simon, Nicholas W; Gilbert, Ryan J; Mayse, Jeffrey D; Bizon, Jennifer L; Setlow, Barry

2009-09-01

We developed a behavioral task in rats to assess the influence of risk of punishment on decision making. Male Long-Evans rats were given choices between pressing a lever to obtain a small, 'safe' food reward and a large food reward associated with risk of punishment (footshock). Each test session consisted of 5 blocks of 10 choice trials, with punishment risk increasing with each consecutive block (0, 25, 50, 75, 100%). Preference for the large, 'risky' reward declined with both increased probability and increased magnitude of punishment, and reward choice was not affected by the level of satiation or the order of risk presentation. Performance in this risky decision-making task was correlated with the degree to which the rats discounted the value of probabilistic rewards, but not delayed rewards. Finally, the acute effects of different doses of amphetamine and cocaine on risky decision making were assessed. Systemic amphetamine administration caused a dose-dependent decrease in choice of the large risky reward (ie, it made rats more risk averse). Cocaine did not cause a shift in reward choice, but instead impaired the rats' sensitivity to changes in punishment risk. These results should prove useful for investigating neuropsychiatric disorders in which risk taking is a prominent feature, such as attention deficit/hyperactivity disorder and addiction.

Hesitant Probabilistic Multiplicative Preference Relations in Group Decision Making

Directory of Open Access Journals (Sweden)

Zia Bashir

2018-03-01

Full Text Available The preference of one alternative over another is a useful way to express the opinion of the decision-maker. In the process of group decision-making, preference relations are used in preference modeling of the alternatives under given criteria. The probability is an important tool to deal with uncertainty and, in many scenarios of decision-making problems, the probabilities of different events affect the decision-making process directly. In order to deal with this issue, the hesitant probabilistic multiplicative preference relation (HPMPR is defined in this paper. Furthermore, consistency of the HPMPR and consensus among decision makers are studied here. In this respect, many algorithms are developed to achieve consistency of HPMPRs, reasonable consensus between decision-makers and a final algorithm is proposed comprehending all other algorithms, presenting a complete decision support model for group decision-making. Lastly, we present a case study with complete illustration of the proposed model and discuss the effects of probabilities on decision-making validating the importance of the introduction of probability in hesitant multiplicative preference relations.

SADA: Ecological Risk Based Decision Support System for Selective Remediation

Science.gov (United States)

Spatial Analysis and Decision Assistance (SADA) is freeware that implements terrestrial ecological risk assessment and yields a selective remediation design using its integral geographical information system, based on ecological and risk assessment inputs. Selective remediation ...

Needs for Risk Informing Environmental Cleanup Decision Making - 13613

Energy Technology Data Exchange (ETDEWEB)

Zhu, Ming; Moorer, Richard [U.S. Department of Energy, Washington, DC 20585 (United States)

2013-07-01

This paper discusses the needs for risk informing decision making by the U.S. Department of Energy (DOE) Office of Environmental Management (EM). The mission of the DOE EM is to complete the safe cleanup of the environmental legacy brought about from the nation's five decades of nuclear weapons development and production and nuclear energy research. This work represents some of the most technically challenging and complex cleanup efforts in the world and is projected to require the investment of billions of dollars and several decades to complete. Quantitative assessments of health and environmental risks play an important role in work prioritization and cleanup decisions of these challenging environmental cleanup and closure projects. The risk assessments often involve evaluation of performance of integrated engineered barriers and natural systems over a period of hundreds to thousands of years, when subject to complex geo-environmental transformation processes resulting from remediation and disposal actions. The requirement of resource investments for the cleanup efforts and the associated technical challenges have subjected the EM program to continuous scrutiny by oversight entities. Recent DOE reviews recommended application of a risk-informed approach throughout the EM complex for improved targeting of resources. The idea behind this recommendation is that by using risk-informed approaches to prioritize work scope, the available resources can be best utilized to reduce environmental and health risks across the EM complex, while maintaining the momentum of the overall EM cleanup program at a sustainable level. In response to these recommendations, EM is re-examining its work portfolio and key decision making with risk insights for the major sites. This paper summarizes the review findings and recommendations from the DOE internal reviews, discusses the needs for risk informing the EM portfolio and makes an attempt to identify topics for R and D in

Corporate financial decision makers' perceptions of their company's safety performance, programs and personnel: Do company size and industry injury risk matter?

Science.gov (United States)

DeArmond, Sarah; Huang, Yueng-Hsiang; Chen, Peter Y; Courtney, Theodore K

2010-01-01

Top-level managers make important decisions about safety-related issues, yet little research has been done involving these individuals. The current study explored corporate financial decisions makers' perceptions of their company's safety and their justifications for these perceptions. This study also explored whether their perceptions and justifications varied as a function of company size or industry injury risk. A total of 404 individuals who were the most senior managers responsible for making decisions about property and casualty risk at their companies participated in this study. The participants took part in a telephone survey. The results suggest that corporate financial decision makers have positive views of safety at their companies relative to safety at other companies within their industries. Further, many believe their company's safety is influenced by the attention/emphasis placed on safety and the selection and training of safety personnel. Participants' perceptions varied somewhat based on the size of their company and the level of injury risk in their industry. While definitive conclusions about corporate financial decision makers' perceptions of safety cannot be reached as a result of this single study, this work does lay groundwork for future research aimed at better understanding the perceptions top-level managers.

Perceived social risk in medical decision-making for physical child abuse: a mixed-methods study.

Science.gov (United States)

Keenan, Heather T; Campbell, Kristine A; Page, Kent; Cook, Lawrence J; Bardsley, Tyler; Olson, Lenora M

2017-12-22

The medical literature reports differential decision-making for children with suspected physical abuse based on race and socioeconomic status. Differential evaluation may be related to differences of risk indicators in these populations or differences in physicians' perceptions of abuse risk. Our objective was to understand the contribution of the child's social ecology to child abuse pediatricians' perception of abuse risk and to test whether risk perception influences diagnostic decision-making. Thirty-two child abuse pediatrician participants prospectively contributed 746 consultations from for children referred for physical abuse evaluation (2009-2013). Participants entered consultations to a web-based interface. Participants noted their perception of child race, family SES, abuse diagnosis. Participants rated their perception of social risk for abuse and diagnostic certainty on a 1-100 scale. Consultations (n = 730) meeting inclusion criteria were qualitatively analyzed for social risk indicators, social and non-social cues. Using a linear mixed-effects model, we examined the associations of social risk indicators with participant social risk perception. We reversed social risk indicators in 102 cases whilst leaving all injury mechanism and medical information unchanged. Participants reviewed these reversed cases and recorded their social risk perception, diagnosis and diagnostic certainty. After adjustment for physician characteristics and social risk indicators, social risk perception was highest in the poorest non-minority families (24.9 points, 95%CI: 19.2, 30.6) and minority families (17.9 points, 95%CI, 12.8, 23.0). Diagnostic certainty and perceived social risk were associated: certainty increased as social risk perception increased (Spearman correlation 0.21, p < 0.001) in probable abuse cases; certainty decreased as risk perception increased (Spearman correlation (-)0.19, p = 0.003) in probable not abuse cases. Diagnostic decisions changed

Social and behavioral research on risk: uses in risk management decision-making

International Nuclear Information System (INIS)

Covello, V.T.

1984-01-01

The overall objective of this paper is to describe the principal uses of social and behavioral research in risk management decision-making. Five such uses are identified and discussed, including uses in (1) identifying the nature and extent of public concern; (2) structuring public debate and resolving conflicts; (3) anticipating public responses to new technologies; (4) conducting and informing the public; and (5) designing and implementing risk management policies and systems. (author)

A study on decision-making framework for developing risk-informed technical specifications

International Nuclear Information System (INIS)

Kim, Beom Seock

2002-02-01

The utility and the nuclear research institutes in Korea have conduct research for improving inefficient requirements in technical specifications using the results of probability risk assessments and information associated with risk. However, the guidance for reviewing the improved technical specifications has not been developed. Thus, the objective of this study is to develop a decision-making framework for investigating and reviewing the documents associated with the changes of technical specifications. This work has been done for helping the regulation agency to review the improved technical specifications as well as to make decisions whether the remedy is accepted or not. The contents of this study include: 1. Surveys on Technical Specification regulations in foreign countries as well as those in Korea 2. Surveys on the state- of- the- art methodology for Risk Informed Technical Specifications and their uses in Korea 3. Development of a decision-making framework in both the licensee and the regulation agency position 4. Development and applications of a decision-making framework using Influence Diagrams. The decision-making framework for RITS using Influence Diagrams are developed and applied to an example problem in this study. This work might contribute to developing the risk informed regulation guidance for improving the quality of the current technical specifications

Proposal for an integrated risk informed decision making process for German regulators

International Nuclear Information System (INIS)

Einarsson, Svante; Wielenberg, Andreas

2013-01-01

Regulatory decisions for German nuclear power plants (NPP) have traditionally been based on deterministic safety analyses. However, the IRRS-Mission of IAEA in 2008 proposed, among others, in 'Suggestion 25' to develop a national policy 'on the use of risk insights in the regulatory framework and decision making'. Consequently, the German Federal Ministry for the Environment, Nature Conservation and Nuclear Safety (BMU) launched a project with the goal of developing a proposal for a uniform federal approach on using risk information in decision making. To this end, the state of the application of probabilistic and risk informed methods has been investigated both on an international and a national level. On the international level, the concept of Integrated Risk Informed Decision Making (IRIDM) has been defined in INSAG-25. It is a structured process, in which all knowledge and requirements relevant to the issue in question are to be considered in a decision. Such knowledge and other requirements are e.g. deterministic and probabilistic safety analyses, regulatory requirements and other applicable findings (including cost-benefit analyses). The IRIDM concept according to INSAG-25 is the cornerstone of the proposal for a uniform federal German approach for IRIDM in the regulatory framework for nuclear installations in Germany. (orig.)

Risk communication and decision-making in the prevention of invasive breast cancer.

Science.gov (United States)

Partridge, Ann H

2017-08-01

Risk communication surrounding the prevention of invasive breast cancer entails not only understanding of the disease, risks and opportunities for intervention. But it also requires understanding and implementation of optimal strategies for communication with patients who are making these decisions. In this article, available evidence for the issues surrounding risk communication and decision making in the prevention of invasive breast cancer are reviewed and strategies for improvement are discussed. Copyright © 2017 Elsevier Ltd. All rights reserved.

Risk-informed decision-making analysis for the electrical raceway fire barrier systems on a BWR-4 plant

International Nuclear Information System (INIS)

Wu, Ching-Hui; Lin, Tsu-Jen; Kao, Tsu-Mu; Chen, Chyn-Rong

2003-01-01

This paper describes a risk-informed decision-making approach used to resolve the fire barrier issue in a BWR-4 nuclear plant where Appendix R separation requirements cannot be met without installing additional fire protection features such as electrical raceway fire barrier system. The related risk measures in CDF (core damage frequency) and LERF (large early release frequency) of the fire barrier issue can be determined by calculating the difference in plant risks between various alternative cases and that met the requirement of the Appendix R. In some alternative cases, additional early-detection and fast-response fire suppression systems are suggested. In some other cases, cable re-routing of some improper layout of non-safety related cables are required. Sets of fire scenarios are re-evaluated more detailed by reviewing the cable damage impact for the BWR-4 plant. The fire hazard model, COMPBRM III-e, is used in this study and the dominant results in risk measures are benchmarked with the CFD code, FDS 2.0, to ensure that the risk impact of fire barrier is estimated accurately in the risk-informed decision making. The traditional deterministic qualitative methods, such as defense-in-depth, safety margin and post-fire safety shutdown capability are also proceeded. The value-impact analysis for proposed alternatives of fire wrapping required by Appendix R has been completed for technical basis of the exemption on Appendix R application. The outcome of the above analysis should be in compliance with the regulatory guidelines (RG) 1.174 and 1.189 for the applications in the risk-informed decision-making of the fire wrapping issues. (author)

Reactivation of Reward-Related Patterns from Single Past Episodes Supports Memory-Based Decision Making.

Science.gov (United States)

Wimmer, G Elliott; Büchel, Christian

2016-03-09

Rewarding experiences exert a strong influence on later decision making. While decades of neuroscience research have shown how reinforcement gradually shapes preferences, decisions are often influenced by single past experiences. Surprisingly, relatively little is known about the influence of single learning episodes. Although recent work has proposed a role for episodes in decision making, it is largely unknown whether and how episodic experiences contribute to value-based decision making and how the values of single episodes are represented in the brain. In multiple behavioral experiments and an fMRI experiment, we tested whether and how rewarding episodes could support later decision making. Participants experienced episodes of high reward or low reward in conjunction with incidental, trial-unique neutral pictures. In a surprise test phase, we found that participants could indeed remember the associated level of reward, as evidenced by accurate source memory for value and preferences to re-engage with rewarded objects. Further, in a separate experiment, we found that high-reward objects shown as primes before a gambling task increased financial risk taking. Neurally, re-exposure to objects in the test phase led to significant reactivation of reward-related patterns. Importantly, individual variability in the strength of reactivation predicted value memory performance. Our results provide a novel demonstration that affect-related neural patterns are reactivated during later experience. Reactivation of value information represents a mechanism by which memory can guide decision making. Copyright © 2016 the authors 0270-6474/16/362868-13$15.00/0.

Impaired decision making under ambiguity but not under risk in individuals with pathological buying-behavioral and psychophysiological evidence.

Science.gov (United States)

Trotzke, Patrick; Starcke, Katrin; Pedersen, Anya; Müller, Astrid; Brand, Matthias

2015-09-30

Pathological buying (PB) is described as dysfunctional buying behavior, associated with harmful consequences. It is discussed whether decision-making deficits are related to PB, because affected individuals often choose the short-term rewarding option of buying despite persistent negative long-term consequences. We investigated 30 patients suffering from PB and 30 matched control participants with two different decision-making tasks: the Iowa Gambling Task (IGT) measures decisions under ambiguity and involves emotional feedback processing, whereas the Game of Dice Task (GDT) measures decisions under risk and can be solved strategically. Potential emotional and cognitive correlates of decision making were investigated by assessing skin conductance response (SCR) and executive functioning. In comparison to the control participants, the patients showed more disadvantageous decisions under ambiguity in the IGT. These data were supported by the SCR results: patients failed to generate SCRs that usually occur before disadvantageous decisions. The physiological and behavioral performance on decisions under risk and executive functioning did not differ between groups. Thus, deficits in emotional feedback processing might be one potential factor in etiology and pathogenesis of PB and should be considered in theory and treatment. Copyright © 2015. Published by Elsevier Ireland Ltd.

Critical review of methods for risk ranking of food-related hazards, based on risks for human health.

Science.gov (United States)

Van der Fels-Klerx, H J; Van Asselt, E D; Raley, M; Poulsen, M; Korsgaard, H; Bredsdorff, L; Nauta, M; D'agostino, M; Coles, D; Marvin, H J P; Frewer, L J

2018-01-22

This study aimed to critically review methods for ranking risks related to food safety and dietary hazards on the basis of their anticipated human health impacts. A literature review was performed to identify and characterize methods for risk ranking from the fields of food, environmental science and socio-economic sciences. The review used a predefined search protocol, and covered the bibliographic databases Scopus, CAB Abstracts, Web of Sciences, and PubMed over the period 1993-2013. All references deemed relevant, on the basis of predefined evaluation criteria, were included in the review, and the risk ranking method characterized. The methods were then clustered-based on their characteristics-into eleven method categories. These categories included: risk assessment, comparative risk assessment, risk ratio method, scoring method, cost of illness, health adjusted life years (HALY), multi-criteria decision analysis, risk matrix, flow charts/decision trees, stated preference techniques and expert synthesis. Method categories were described by their characteristics, weaknesses and strengths, data resources, and fields of applications. It was concluded there is no single best method for risk ranking. The method to be used should be selected on the basis of risk manager/assessor requirements, data availability, and the characteristics of the method. Recommendations for future use and application are provided.

Neurofunctional correlates of ethical, food-related decision-making.

Science.gov (United States)

Cherry, J Bradley C; Bruce, Jared M; Lusk, Jayson L; Crespi, John M; Lim, Seung-Lark; Bruce, Amanda S

2015-01-01

For consumers today, the perceived ethicality of a food's production method can be as important a purchasing consideration as its price. Still, few studies have examined how, neurofunctionally, consumers are making ethical, food-related decisions. We examined how consumers' ethical concern about a food's production method may relate to how, neurofunctionally, they make decisions whether to purchase that food. Forty-six participants completed a measure of the extent to which they took ethical concern into consideration when making food-related decisions. They then underwent a series of functional magnetic resonance imaging (fMRI) scans while performing a food-related decision-making (FRDM) task. During this task, they made 56 decisions whether to purchase a food based on either its price (i.e., high or low, the "price condition") or production method (i.e., with or without the use of cages, the "production method condition"), but not both. For 23 randomly selected participants, we performed an exploratory, whole-brain correlation between ethical concern and differential neurofunctional activity in the price and production method conditions. Ethical concern correlated negatively and significantly with differential neurofunctional activity in the left dorsolateral prefrontal cortex (dlPFC). For the remaining 23 participants, we performed a confirmatory, region-of-interest (ROI) correlation between the same variables, using an 8-mm3 volume situated in the left dlPFC. Again, the variables correlated negatively and significantly. This suggests, when making ethical, food-related decisions, the more consumers take ethical concern into consideration, the less they may rely on neurofunctional activity in the left dlPFC, possibly because making these decisions is more routine for them, and therefore a more perfunctory process requiring fewer cognitive resources.

Insurance against climate change and flood risk: Insurability and decision processes of insurers

Science.gov (United States)

Hung, Hung-Chih; Hung, Jia-Yi

2016-04-01

1. Background Major portions of the Asia-Pacific region is facing escalating exposure and vulnerability to climate change and flood-related extremes. This highlights an arduous challenge for public agencies to improve existing risk management strategies. Conventionally, governmental funding was majorly responsible and accountable for disaster loss compensation in the developing countries in Asia, such as Taiwan. This is often criticized as an ineffective and inefficient measure of dealing with flood risk. Flood insurance is one option within the toolkit of risk-sharing arrangement and adaptation strategy to flood risk. However, there are numerous potential barriers for insurance companies to cover flood damage, which would cause the flood risk is regarded as uninsurable. This study thus aims to examine attitudes within the insurers about the viability of flood insurance, the decision-making processes of pricing flood insurance and their determinants, as well as to examine potential solutions to encourage flood insurance. 2. Methods and data Using expected-utility theory, an insurance agent-based decision-making model was developed to examine the insurers' attitudes towards the insurability of flood risk, and to scrutinize the factors that influence their decisions on flood insurance premium-setting. This model particularly focuses on how insurers price insurance when they face either uncertainty or ambiguity about the probability and loss of a particular flood event occurring. This study considers the factors that are expected to affect insures' decisions on underwriting and pricing insurance are their risk perception, attitudes towards flood insurance, governmental measures (e.g., land-use planning, building codes, risk communication), expected probabilities and losses of devastating flooding events, as well as insurance companies' attributes. To elicit insurers' utilities about premium-setting for insurance coverage, the 'certainty equivalent,' 'probability

Horses for courses: risk information and decision making in the regulation of nanomaterials

International Nuclear Information System (INIS)

Beaudrie, Christian E. H.; Kandlikar, Milind

2011-01-01

Despite the widespread commercial use of nanomaterials, regulators currently have a limited ability to characterize and manage risks. There is a paucity of data available on the current production and use of nanomaterials and extreme scientific uncertainty on most aspects of the risk assessment “causal chain.” Regulatory decisions will need to be made in the near-term in the absence formal quantitative risk assessments. The article draws on examples from three different regulatory contexts—baseline data monitoring efforts of the U.S. Environmental Protection Agency and California Department of Toxic Substances Control, prioritization of risk information in the context of environmental releases, and mitigation of occupational risks—to argue for the use of decision-analytic tools in lieu of formal risk assessment to help regulatory bodies. We advocate a “horses for courses” approach whereby existing analytical tools (such as risk ranking, multi-criteria decision analysis, and “control banding” approaches) might be adapted to regulators’ goals in particular decision contexts. While efforts to build new and modify existing tools are underway, they need greater support from funding and regulatory agencies because innovative approaches are needed for the “extreme” uncertainty problems that nanomaterials pose.

Climate Risk Informed Decision Analysis: A Hypothetical Application to the Waas Region

Science.gov (United States)

Gilroy, Kristin; Mens, Marjolein; Haasnoot, Marjolijn; Jeuken, Ad

2016-04-01

More frequent and intense hydrologic events under climate change are expected to enhance water security and flood risk management challenges worldwide. Traditional planning approaches must be adapted to address climate change and develop solutions with an appropriate level of robustness and flexibility. The Climate Risk Informed Decision Analysis (CRIDA) method is a novel planning approach embodying a suite of complementary methods, including decision scaling and adaptation pathways. Decision scaling offers a bottom-up approach to assess risk and tailors the complexity of the analysis to the problem at hand and the available capacity. Through adaptation pathway,s an array of future strategies towards climate robustness are developed, ranging in flexibility and immediacy of investments. Flexible pathways include transfer points to other strategies to ensure that the system can be adapted if future conditions vary from those expected. CRIDA combines these two approaches in a stakeholder driven process which guides decision makers through the planning and decision process, taking into account how the confidence in the available science, the consequences in the system, and the capacity of institutions should influence strategy selection. In this presentation, we will explain the CRIDA method and compare it to existing planning processes, such as the US Army Corps of Engineers Principles and Guidelines as well as Integrated Water Resources Management Planning. Then, we will apply the approach to a hypothetical case study for the Waas Region, a large downstream river basin facing rapid development threatened by increased flood risks. Through the case study, we will demonstrate how a stakeholder driven process can be used to evaluate system robustness to climate change; develop adaptation pathways for multiple objectives and criteria; and illustrate how varying levels of confidence, consequences, and capacity would play a role in the decision making process, specifically

Risk communication, geoethics and decision science issues in Japan's disaster management system

Science.gov (United States)

Sugimoto, M.

2014-12-01

Issues in Japan's disaster management system were revealed by the 2011 Tohoku earthquake and tsunami, and by the Fukushima Dai-ichi nuclear power station accident. Many important decisions were based on scientific data, but appear not to have sufficiently considered the uncertainties of the data and the societal aspects of the problems. The issues that arose show the need for scientists to appropriately deal with risk communication and geoethics and issues. This paper discusses necessity of　education for risk communication, geoethics and decisions science in school before students become sicentific decision makers in future.

Risk regulation in environment, health and safety : Decision in the face of uncertainty

Energy Technology Data Exchange (ETDEWEB)

Ettlinger, L A [The Oxford Group, Baltimore, MD (United States)

1999-12-01

unlikely to be resolved solely by administrative reform, reliance on experts, or risk education because, generally, these reforms are focused strictly on narrowing the risk uncertainty. From economic principles, however, we recognize that the value of efforts to minimize this risk uncertainty (or to maximize the technical and scientific information about risks) is subject to 'diminishing marginal utility'. Thus, these efforts ultimately can be expected to become unpopular with both citizens and elected officials. We expect, therefore, that the outcome of the risk regulation debate, and ultimately environment, health and safety policy decisions, will primarily be determined by the values of the proponents and opponents as to the relative ranking of efficiency and equity. Most likely, the best means available for reforming risk regulation and making it more coherent and to avoid some of the costly mistakes of the past is to: 1. increase the resources available for identifying risks and effective responses to them, 2. build in mechanisms for informing the public that policy decisions using these regulations are value laden, and 3. publicize both the process and the outcomes of risk regulations and policy decisions.

Risk regulation in environment, health and safety : Decision in the face of uncertainty

Energy Technology Data Exchange (ETDEWEB)

Ettlinger, L.A. [The Oxford Group, Baltimore, MD (United States)

1999-12-01

relationship are unlikely to be resolved solely by administrative reform, reliance on experts, or risk education because, generally, these reforms are focused strictly on narrowing the risk uncertainty. From economic principles, however, we recognize that the value of efforts to minimize this risk uncertainty (or to maximize the technical and scientific information about risks) is subject to 'diminishing marginal utility'. Thus, these efforts ultimately can be expected to become unpopular with both citizens and elected officials. We expect, therefore, that the outcome of the risk regulation debate, and ultimately environment, health and safety policy decisions, will primarily be determined by the values of the proponents and opponents as to the relative ranking of efficiency and equity. Most likely, the best means available for reforming risk regulation and making it more coherent and to avoid some of the costly mistakes of the past is to: 1. increase the resources available for identifying risks and effective responses to them, 2. build in mechanisms for informing the public that policy decisions using these regulations are value laden, and 3. publicize both the process and the outcomes of risk regulations and policy decisions.

Risk regulation in environment, health and safety : Decision in the face of uncertainty

International Nuclear Information System (INIS)

Ettlinger, L.A.

1999-01-01

unlikely to be resolved solely by administrative reform, reliance on experts, or risk education because, generally, these reforms are focused strictly on narrowing the risk uncertainty. From economic principles, however, we recognize that the value of efforts to minimize this risk uncertainty (or to maximize the technical and scientific information about risks) is subject to 'diminishing marginal utility'. Thus, these efforts ultimately can be expected to become unpopular with both citizens and elected officials. We expect, therefore, that the outcome of the risk regulation debate, and ultimately environment, health and safety policy decisions, will primarily be determined by the values of the proponents and opponents as to the relative ranking of efficiency and equity. Most likely, the best means available for reforming risk regulation and making it more coherent and to avoid some of the costly mistakes of the past is to: 1. increase the resources available for identifying risks and effective responses to them, 2. build in mechanisms for informing the public that policy decisions using these regulations are value laden, and 3. publicize both the process and the outcomes of risk regulations and policy decisions

Scrutinizing screening: a critical interpretive review of primary care provider perspectives on mammography decision-making with average-risk women.

Science.gov (United States)

Siedlikowski, Sophia; Ells, Carolyn; Bartlett, Gillian

2018-01-01

A decision to undertake screening for breast cancer often takes place within the primary care setting, but current controversies such as overdiagnosis and inconsistent screening recommendations based on evolving evidence render this a challenging process, particularly for average-risk women. Given the responsibility of primary care providers in counseling women in this decision-making process, it is important to understand their thoughts on these controversies and how they manage uncertainty in their practice. To review the perspectives and approaches of primary care providers regarding mammography decision-making with average-risk women. This study is a critical interpretive review of peer-review literature that reports primary care provider perspectives on mammography screening decision-making. Ovid MEDLINE®, Ovid PsycInfo, and Scopus databases were searched with dates from 2002 to 2017 using search terms related to mammography screening, uncertainty, counseling, decision-making, and primary health care providers. Nine articles were included following a review process involving the three authors. Using an inductive and iterative approach, data were grouped into four thematic categories: (1) perceptions on the effectiveness of screening, screening initiation age, and screening frequency; (2) factors guiding primary care providers in the screening decision-making process, including both provider and patient-related factors, (3) uncertainty faced by primary care providers regarding guidelines and screening discussions with their patients; and (4) informed decision-making with average-risk women, including factors that facilitate and hinder this process. The discussion of results addresses several factors about the diversity of perspectives and practices of physicians counseling average-risk women regarding breast cancer screening. This has implications for the challenge of understanding and explaining evidence, what should be shared with average-risk women

Risky decision-making under risk in schizophrenia: A deliberate choice?

Science.gov (United States)

Pedersen, Anya; Göder, Robert; Tomczyk, Samuel; Ohrmann, Patricia

2017-09-01

Patients with schizophrenia reveal impaired decision-making strategies causing social, financial and health care problems. The extent to which deficits in decision-making reflect intentional risky choices in schizophrenia is still under debate. Based on previous studies we expected patients with schizophrenia to reveal a riskier performance on the GDT and to make more disadvantageous decisions on the IGT. In the present study, we investigated 38 patients with schizophrenia and 38 matched healthy control subjects with two competing paradigms regarding feedback: (1) The Game of Dice Task (GDT), in which the probabilities of winning or losing are stable and explicitly disclosed to the subject, to assess decision-making under risk and (2) the Iowa Gambling Task (IGT), which requires subjects to infer the probabilities of winning or losing from feedback, to investigate decision-making under ambiguity. Patients with schizophrenia revealed an overall riskier performance on the GDT; although they adjusted their strategy over the course of the GDT, they still made significantly more disadvantageous choices than controls. More positive symptoms in patients with schizophrenia indicated by higher PANSS positive scores were associated with riskier choices and less use of negative feedback. Compared to healthy controls, they were not impaired in net score but chose more disadvantageous cards than controls on the first block of the IGT. Effects of medication at the time of testing cannot be ruled out. Our findings suggest that patients with schizophrenia make riskier decisions and are less able to regulate their decision-making to implement advantageous strategies, even when the probabilities of winning or losing are explicitly disclosed. The dissociation between performance on the GDT and IGT suggests a pronounced impairment of executive functions related to the dorsolateral prefrontal cortex. Copyright © 2016 Elsevier Ltd. All rights reserved.

Decision-Making Risks Concerning the Construction of the Goiania Waste Repository

International Nuclear Information System (INIS)

Paschoa, A.S.; Rozental, J.J.; Tranjan Filho, A.

2001-01-01

As it is well known, an accident with a teletherapy source made of 137 CsCl with an initial activity of 59 TBq occurred in Goiania, in September of 1987. This paper will discuss the decision-making process, and the struggle that followed the decision to build the final repository for the remnants of the Goiania accident. The Goiania final repository was built as planned. The two subsurface structures under the grassy artificial hills hold the overall volume of the remnants of the Goiania accident. The near hill holds 5x10 3 m3 of stabilized wastes without radioactivity, or with very low radioactivity. The far hill holds the remaining 6.5x10 3 m 3 of stabilized wastes with low and medium radioactivity. The central part of each subsurface hill has been shielded by wastes with less and less radioactivity. The overall fenced area occupies 1.85x10 5 m 2 . The external radiation levels are similar to the surrounding background, and much lower than those found in the Brazilian areas of high natural radioactivity. The site is permanently monitored by independent institutions, including Brazilian universities, and national and international organizations. As it was mentioned earlier, the final repository was build to last for at least 400 years. Although the initial decision to adopt a too conservative decontamination criterion in the case of the Goiania accident was bound to produce excessive amount of waste; such decision proved, retrospectively, not to be bad because the excess low radioactive waste produced was used as extra shielding material in final repository. The technical decision-maker should not abandon risk estimates, but should be aware that credibility is the main basis to achieve acceptability of a decision by the general public. Risk perception should be regarded as only a first step towards what may be called knowledge, or comprehension of risk estimates, but risk perception by the general public is still an open issue. The problem of a fixed, or near

Prioritization of information using decision support systems for seismic risk in Bucharest city

Science.gov (United States)

Armas, Iuliana; Gheorghe, Diana

2014-05-01

Nowadays, because of the ever increasing volume of information, policymakers are faced with decision making problems. Achieving an objective and suitable decision making may become a challenge. In such situations decision support systems (DSS) have been developed. DSS can assist in the decision making process, offering support on how a decision should be made, rather than what decision should be made (Simon, 1979). This in turn potentially involves a huge number of stakeholders and criteria. Regarding seismic risk, Bucharest City is highly vulnerable (Mandrescu et al., 2007). The aim of this study is to implement a spatial decision support system in order to secure a suitable shelter in case of an earthquake occurrence in the historical centre of Bucharest City. In case of a seismic risk, a shelter is essential for sheltering people who lost their homes or whose homes are in danger of collapsing while people at risk receive first aid in the post-disaster phase. For the present study, the SMCE Module for ILWIS 3.4 was used. The methodology included structuring the problem by creating a decision tree, standardizing and weighting of the criteria. The results showed that the most suitable buildings are Tania Hotel, Hanul lui Manuc, The National Bank of Romania, The Romanian Commercial Bank and The National History Museum.

Risk-averse decision-making for civil infrastructure exposed to low-probability, high-consequence events

International Nuclear Information System (INIS)

Cha, Eun Jeong; Ellingwood, Bruce R.

2012-01-01

Quantitative analysis and assessment of risk to civil infrastructure has two components: probability of a potentially damaging event and consequence of damage, measured in terms of financial or human losses. Decision models that have been utilized during the past three decades take into account the probabilistic component rationally, but address decision-maker attitudes toward consequences and risk only to a limited degree. The application of models reflecting these attitudes to decisions involving low-probability, high-consequence events that may impact civil infrastructure requires a fundamental understanding of risk acceptance attitudes and how they affect individual and group choices. In particular, the phenomenon of risk aversion may be a significant factor in decisions for civil infrastructure exposed to low-probability events with severe consequences, such as earthquakes, hurricanes or floods. This paper utilizes cumulative prospect theory to investigate the role and characteristics of risk-aversion in assurance of structural safety.

Modifiable risk factors predicting major depressive disorder at four year follow-up: a decision tree approach

OpenAIRE

Batterham, Philip J; Christensen, Helen; Mackinnon, Andrew J

2009-01-01

Abstract Background Relative to physical health conditions such as cardiovascular disease, little is known about risk factors that predict the prevalence of depression. The present study investigates the expected effects of a reduction of these risks over time, using the decision tree method favoured in assessing cardiovascular disease risk. Methods The PATH through Life cohort was used for the study, comprising 2,105 20-24 year olds, 2,323 40-44 year olds and 2,177 60-64 year olds sampled fr...

Risk-Sensitive Multiagent Decision-Theoretic Planning Based on MDP and One-Switch Utility Functions

Directory of Open Access Journals (Sweden)

Wei Zeng

2014-01-01

Full Text Available In high stakes situations decision-makers are often risk-averse and decision-making processes often take place in group settings. This paper studies multiagent decision-theoretic planning under Markov decision processes (MDPs framework with considering the change of agent’s risk attitude as his wealth level varies. Based on one-switch utility function that describes agent’s risk attitude change with his wealth level, we give the additive and multiplicative aggregation models of group utility and adopt maximizing expected group utility as planning objective. When the wealth level approaches infinity, the characteristics of optimal policy are analyzed for the additive and multiplicative aggregation model, respectively. Then a backward-induction method is proposed to divide the wealth level interval from negative infinity to initial wealth level into subintervals and determine the optimal policy in states and subintervals. The proposed method is illustrated by numerical examples and the influences of agent’s risk aversion parameters and weights on group decision-making are also analyzed.

A practical approach to communicating benefit-risk decisions of medicines to stakeholders

Directory of Open Access Journals (Sweden)

James eLeong

2015-06-01

Full Text Available AbstractPurposeThe importance of a framework for a systematic structured assessment of the benefits and risks has been established, but in addition, it is necessary that the benefit-risk decisions and the processes to derive those decisions are documented and communicated to various stakeholders for accountability. Hence there is now a need to find appropriate tools to enhance communication in a manner that would uphold transparency, consistency and standards. MethodsA retrospective, non-comparative study was conducted to determine the applicability and practicality of a summary template in documenting benefit-risk assessment and communicating benefit-risk balance and conclusions for reviewers to other stakeholders. The benefit-risk (BR Summary Template and its User Manual was evaluated by 12 reviewers within a regulatory agency in Singapore, the Health Sciences Authority (HSA. ResultsThe BR Summary Template was found to be adequate in documenting benefits, risks, relevant summaries and conclusions, while the User Manual was useful in guiding the reviewer in completing the template. The BR Summary Template was also considered a useful tool for communicating benefit-risk decisions to a variety of stakeholders.ConclusionsThe use of a template may be of value for the communicating benefit-risk assessment of medicines to stakeholders.

A practical approach to communicating benefit-risk decisions of medicines to stakeholders.

Science.gov (United States)

Leong, James; Walker, Stuart; Salek, Sam

2015-01-01

The importance of a framework for a systematic structured assessment of the benefits and risks has been established, but in addition, it is necessary that the benefit-risk decisions and the processes to derive those decisions are documented and communicated to various stakeholders for accountability. Hence there is now a need to find appropriate tools to enhance communication between regulators and other stakeholders, in a manner that would uphold transparency, consistency and standards. A retrospective, non-comparative study was conducted to determine the applicability and practicality of a summary template in documenting benefit-risk assessment and communicating benefit-risk balance and conclusions for reviewers to other stakeholders. The benefit-risk (BR) Summary Template and its User Manual was evaluated by 12 reviewers within a regulatory agency in Singapore, the Health Sciences Authority (HSA). The BR Summary Template was found to be adequate in documenting benefits, risks, relevant summaries and conclusions, while the User Manual was useful in guiding the reviewer in completing the template. The BR Summary Template was also considered a useful tool for communicating benefit-risk decisions to a variety of stakeholders. The use of a template may be of value for the communicating benefit-risk assessment of medicines to stakeholders.

Risk-based decision-making: A reality at the INEL

International Nuclear Information System (INIS)

Halford, V.E.; Nitschke, R.L.; Hula, G.A.

1994-01-01

Risk Analysis and Risk Management are major components of the Idaho National Engineering Laboratory's (INEL's) environmental restoration and waste management program. These tools help define responsible and cost-effective approaches to address potential human health and environmental risks from past operational practices. These techniques along with stake holder involvement, play a key role in the decision-making process which involves the US Department of Energy Idaho Operations Office (DOE), the US Environmental Protection Agency Region 10 (EPA), and the State of Idaho Department of Health and Welfare (IDHW), hereafter referred to as the agencies. An example of how this process works is Pad A, an above-ground mixed waste disposal site composed mainly of transuranic-contaminated evaporation pond salts. The site was constructed in 1972 for the disposal of solid radioactive wastes. A Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) baseline risk assessment was conducted to determine the incremental cancer risk and potential for adverse health effects to the public and the impacts to the environment if no action was performed. The risk characterization indicated that the carcinogenic risk for current and future hypothetical scenarios was below or within the NCP acceptable risk range. There was a potential 10 year window for an adverse health effect to an infant from nitrate contamination of the groundwater in about 250 years. Based on these results, a responsible and sound decision was reached to maintain and recontour the existing soil cover and to perform monitoring to confirm modeling assumptions

Combination of uncertainty theories and decision-aiding methods for natural risk management in a context of imperfect information

Science.gov (United States)

Tacnet, Jean-Marc; Dupouy, Guillaume; Carladous, Simon; Dezert, Jean; Batton-Hubert, Mireille

2017-04-01

In mountain areas, natural phenomena such as snow avalanches, debris-flows and rock-falls, put people and objects at risk with sometimes dramatic consequences. Risk is classically considered as a combination of hazard, the combination of the intensity and frequency of the phenomenon, and vulnerability which corresponds to the consequences of the phenomenon on exposed people and material assets. Risk management consists in identifying the risk level as well as choosing the best strategies for risk prevention, i.e. mitigation. In the context of natural phenomena in mountainous areas, technical and scientific knowledge is often lacking. Risk management decisions are therefore based on imperfect information. This information comes from more or less reliable sources ranging from historical data, expert assessments, numerical simulations etc. Finally, risk management decisions are the result of complex knowledge management and reasoning processes. Tracing the information and propagating information quality from data acquisition to decisions are therefore important steps in the decision-making process. One major goal today is therefore to assist decision-making while considering the availability, quality and reliability of information content and sources. A global integrated framework is proposed to improve the risk management process in a context of information imperfection provided by more or less reliable sources: uncertainty as well as imprecision, inconsistency and incompleteness are considered. Several methods are used and associated in an original way: sequential decision context description, development of specific multi-criteria decision-making methods, imperfection propagation in numerical modeling and information fusion. This framework not only assists in decision-making but also traces the process and evaluates the impact of information quality on decision-making. We focus and present two main developments. The first one relates to uncertainty and imprecision

Decision theory and the evaluation of risks and benefits of clinical trials.

Science.gov (United States)

Bernabe, Rosemarie D C; van Thiel, Ghislaine J M W; Raaijmakers, Jan A M; van Delden, Johannes J M

2012-12-01

Research ethics committees (RECs) are tasked to assess the risks and the benefits of a clinical trial. In previous studies, it was shown that RECs find this task difficult, if not impossible, to do. The current approaches to benefit-risk assessment (i.e. Component Analysis and the Net Risk Test) confound the various risk-benefit tasks, and as such, make balancing impossible. In this article, we show that decision theory, specifically through the expected utility theory and multiattribute utility theory, enable for an explicit and ethically weighted risk-benefit evaluation. This makes a balanced ethical justification possible, and thus a more rationally defensible decision making. Copyright © 2012 Elsevier Ltd. All rights reserved.

Dopaminergic circuitry and risk/reward decision making: implications for schizophrenia.

Science.gov (United States)

Stopper, Colin M; Floresco, Stan B

2015-01-01

Abnormal reinforcement learning and representations of reward value are present in schizophrenia, and these impairments can manifest as deficits in risk/reward decision making. These abnormalities may be due in part to dopaminergic dysfunction within cortico-limbic-striatal circuitry. Evidence from studies with laboratory animal have revealed that normal DA activity within different nodes of these circuits is critical for mediating dissociable processes that can refine decision biases. Moreover, both phasic and tonic dopamine transmission appear to play separate yet complementary roles in these processes. Tonic dopamine release within the prefrontal cortex and nucleus accumbens, serves as a "running rate-meter" of reward and reflects contextual information such as reward uncertainty and overt choice behavior. On the other hand, manipulations of outcome-related phasic dopamine bursts and dips suggest these signals provide rapid feedback to allow for quick adjustments in choice as reward contingencies change. The lateral habenula is a key input to the DA system that phasic signals is necessary for expressing subjective decision biases; as suppression of activity within this nucleus leads to catastrophic impairments in decision making and random patterns of choice behavior. As schizophrenia is characterized by impairments in using positive and negative feedback to appropriately guide decision making, these findings suggest that these deficits in these processes may be mediated, at least in part, by abnormalities in both tonic and phasic dopamine transmission. © The Author 2014. Published by Oxford University Press on behalf of the Maryland Psychiatric Research Center. All rights reserved. For permissions, please email: journals.permissions@oup.com.

Factors associated with the risk perception and purchase decisions of Fukushima-related food in South Korea.

Science.gov (United States)

Lee, Dalnim; Seo, Songwon; Song, Min Kyoung; Lee, Hyang Ki; Park, Sunhoo; Jin, Young Woo

2017-01-01

Following the Fukushima nuclear power plant accident, the risk level perceived by Koreans on the radioactive contamination of Japanese food that is being distributed in Korea remains high. Many of these perceptions are based on subjective risk perception rather than an objective measure with scientific evidence, which makes communicating risks more difficult; therefore, it is critical to understand factors associated with risk perception for effective risk communication. In this study, we identified variables that are associated with buying tendencies and opinions about the regulatory policy of Japanese seafood after the accident. A survey was conducted with 1045 adults aged over 20 years in Korea. The majority (68.8%) responded that they would not purchase Japanese seafood when radioactivity levels in the food were non-detectable. Moreover, 82.2% responded that the current levels of import restrictions on Japanese seafood must be maintained. Despite many concerns regarding the exposure to radiation and the effects from food products following the Fukushima accident, the opportunities to encounter and to collect correct information remain limited and average radioactive knowledge scores were low (3.63 out of 9). Of the various characteristics associated with purchase decisions and agreement on the current import restraints of Japanese seafood, trust levels in the government and the mass media for providing information on radioactivity were major factors that influenced risk perception. While the scope of this study was limited to seafood, it is very closely tied to daily lives, where we revealed differences about risk perceptions and agreement on import restraints of Japanese seafood per a complex mixture of individual characteristics and the surrounding environment. These results provide useful information to understand the risk perception of the potential radioactive contamination of food and to predict the public's responses to food consumption and import

Factors associated with the risk perception and purchase decisions of Fukushima-related food in South Korea.

Directory of Open Access Journals (Sweden)

Dalnim Lee

Full Text Available Following the Fukushima nuclear power plant accident, the risk level perceived by Koreans on the radioactive contamination of Japanese food that is being distributed in Korea remains high. Many of these perceptions are based on subjective risk perception rather than an objective measure with scientific evidence, which makes communicating risks more difficult; therefore, it is critical to understand factors associated with risk perception for effective risk communication. In this study, we identified variables that are associated with buying tendencies and opinions about the regulatory policy of Japanese seafood after the accident. A survey was conducted with 1045 adults aged over 20 years in Korea. The majority (68.8% responded that they would not purchase Japanese seafood when radioactivity levels in the food were non-detectable. Moreover, 82.2% responded that the current levels of import restrictions on Japanese seafood must be maintained. Despite many concerns regarding the exposure to radiation and the effects from food products following the Fukushima accident, the opportunities to encounter and to collect correct information remain limited and average radioactive knowledge scores were low (3.63 out of 9. Of the various characteristics associated with purchase decisions and agreement on the current import restraints of Japanese seafood, trust levels in the government and the mass media for providing information on radioactivity were major factors that influenced risk perception. While the scope of this study was limited to seafood, it is very closely tied to daily lives, where we revealed differences about risk perceptions and agreement on import restraints of Japanese seafood per a complex mixture of individual characteristics and the surrounding environment. These results provide useful information to understand the risk perception of the potential radioactive contamination of food and to predict the public's responses to food consumption

Factors associated with the risk perception and purchase decisions of Fukushima-related food in South Korea

Science.gov (United States)

Song, Min Kyoung; Lee, Hyang Ki; Park, Sunhoo; Jin, Young Woo

2017-01-01

Following the Fukushima nuclear power plant accident, the risk level perceived by Koreans on the radioactive contamination of Japanese food that is being distributed in Korea remains high. Many of these perceptions are based on subjective risk perception rather than an objective measure with scientific evidence, which makes communicating risks more difficult; therefore, it is critical to understand factors associated with risk perception for effective risk communication. In this study, we identified variables that are associated with buying tendencies and opinions about the regulatory policy of Japanese seafood after the accident. A survey was conducted with 1045 adults aged over 20 years in Korea. The majority (68.8%) responded that they would not purchase Japanese seafood when radioactivity levels in the food were non-detectable. Moreover, 82.2% responded that the current levels of import restrictions on Japanese seafood must be maintained. Despite many concerns regarding the exposure to radiation and the effects from food products following the Fukushima accident, the opportunities to encounter and to collect correct information remain limited and average radioactive knowledge scores were low (3.63 out of 9). Of the various characteristics associated with purchase decisions and agreement on the current import restraints of Japanese seafood, trust levels in the government and the mass media for providing information on radioactivity were major factors that influenced risk perception. While the scope of this study was limited to seafood, it is very closely tied to daily lives, where we revealed differences about risk perceptions and agreement on import restraints of Japanese seafood per a complex mixture of individual characteristics and the surrounding environment. These results provide useful information to understand the risk perception of the potential radioactive contamination of food and to predict the public’s responses to food consumption and import

An integrated probabilistic risk analysis decision support methodology for systems with multiple state variables

International Nuclear Information System (INIS)

Sen, P.; Tan, John K.G.; Spencer, David

1999-01-01

Probabilistic risk analysis (PRA) methods have been proven to be valuable in risk and reliability analysis. However, a weak link seems to exist between methods for analysing risks and those for making rational decisions. The integrated decision support system (IDSS) methodology presented in this paper attempts to address this issue in a practical manner. In consists of three phases: a PRA phase, a risk sensitivity analysis (SA) phase and an optimisation phase, which are implemented through an integrated computer software system. In the risk analysis phase the problem is analysed by the Boolean representation method (BRM), a PRA method that can deal with systems with multiple state variables and feedback loops. In the second phase the results obtained from the BRM are utilised directly to perform importance and risk SA. In the third phase, the problem is formulated as a multiple objective decision making problem in the form of multiple objective reliability optimisation. An industrial example is included. The resultant solutions of a five objective reliability optimisation are presented, on the basis of which rational decision making can be explored

CHANGES SDSS: the development of a Spatial Decision Support System for analysing changing hydro-meteorological risk

Science.gov (United States)

van Westen, Cees; Bakker, Wim; Zhang, Kaixi; Jäger, Stefan; Assmann, Andre; Kass, Steve; Andrejchenko, Vera; Olyazadeh, Roya; Berlin, Julian; Cristal, Irina

2014-05-01

Within the framework of the EU FP7 Marie Curie Project CHANGES (www.changes-itn.eu) and the EU FP7 Copernicus project INCREO (http://www.increo-fp7.eu) a spatial decision support system is under development with the aim to analyse the effect of risk reduction planning alternatives on reducing the risk now and in the future, and support decision makers in selecting the best alternatives. The Spatial Decision Support System will be composed of a number of integrated components. The Risk Assessment component allows to carry out spatial risk analysis, with different degrees of complexity, ranging from simple exposure (overlay of hazard and assets maps) to quantitative analysis (using different hazard types, temporal scenarios and vulnerability curves) resulting into risk curves. The platform does not include a component to calculate hazard maps, and existing hazard maps are used as input data for the risk component. The second component of the SDSS is a risk reduction planning component, which forms the core of the platform. This component includes the definition of risk reduction alternatives (related to disaster response planning, risk reduction measures and spatial planning) and links back to the risk assessment module to calculate the new level of risk if the measure is implemented, and a cost-benefit (or cost-effectiveness/ Spatial Multi Criteria Evaluation) component to compare the alternatives and make decision on the optimal one. The third component of the SDSS is a temporal scenario component, which allows to define future scenarios in terms of climate change, land use change and population change, and the time periods for which these scenarios will be made. The component doesn't generate these scenarios but uses input maps for the effect of the scenarios on the hazard and assets maps. The last component is a communication and visualization component, which can compare scenarios and alternatives, not only in the form of maps, but also in other forms (risk

Decision making under risk : a study of models and measurement procedures with special reference to the farmer's marketing behavior

NARCIS (Netherlands)

Smidts, A.

1990-01-01

The objectives of the study were: a) to review, discuss and test a number of theories on individual decision making under risk; much attention is specifically given to the definition and empirical testing of the concept of relative risk attitude, b) to investigate in a large scale survey

Decision making under risk. A study of models and measurement procedures with special reference to the farmers' marketing behavior

NARCIS (Netherlands)

A. Smidts (Ale)

1990-01-01

textabstractThe objectives of the study were: a) to review, discuss and test a number of theories on individual decision making under risk; much attention is specifically given to the definition and empirical testing of the concept of relative risk attitude, b) to investigate in a large scale survey

Prospect theory on the brain? Toward a cognitive neuroscience of decision under risk.

Science.gov (United States)

Trepel, Christopher; Fox, Craig R; Poldrack, Russell A

2005-04-01

Most decisions must be made without advance knowledge of their consequences. Economists and psychologists have devoted much attention to modeling decisions made under conditions of risk in which options can be characterized by a known probability distribution over possible outcomes. The descriptive shortcomings of classical economic models motivated the development of prospect theory (D. Kahneman, A. Tversky, Prospect theory: An analysis of decision under risk. Econometrica, 4 (1979) 263-291; A. Tversky, D. Kahneman, Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and Uncertainty, 5 (4) (1992) 297-323) the most successful behavioral model of decision under risk. In the prospect theory, subjective value is modeled by a value function that is concave for gains, convex for losses, and steeper for losses than for gains; the impact of probabilities are characterized by a weighting function that overweights low probabilities and underweights moderate to high probabilities. We outline the possible neural bases of the components of prospect theory, surveying evidence from human imaging, lesion, and neuropharmacology studies as well as animal neurophysiology studies. These results provide preliminary suggestions concerning the neural bases of prospect theory that include a broad set of brain regions and neuromodulatory systems. These data suggest that focused studies of decision making in the context of quantitative models may provide substantial leverage towards a fuller understanding of the cognitive neuroscience of decision making.

Impact of a decision aid about stratified ovarian cancer risk-management on women’s knowledge and intentions: a randomised online experimental survey study

Directory of Open Access Journals (Sweden)

Susanne F. Meisel

2017-11-01

Full Text Available Abstract Background Risk stratification using genetic and other types of personal information could improve current best available approaches to ovarian cancer risk reduction, improving identification of women at increased risk of ovarian cancer and reducing unnecessary interventions for women at lower risk. Amounts of information given to women may influence key informed decision-related outcomes, e.g. knowledge. The primary aim of this study was to compare informed decision-related outcomes between women given one of two versions (gist vs. extended of a decision aid about stratified ovarian cancer risk-management. Methods This was an experimental survey study comparing the effects of brief (gist information with lengthier, more detailed (extended information on cognitions relevant to informed decision-making about participating in risk-stratified ovarian cancer screening. Women with no personal history of ovarian cancer were recruited through an online survey company and randomised to view the gist (n = 512 or extended (n = 519 version of a website-based decision aid and completed an online survey. Primary outcomes were knowledge and intentions. Secondary outcomes included attitudes (values and decisional conflict. Results There were no significant differences between the gist and extended conditions in knowledge about ovarian cancer (time*group interaction: F = 0.20, p = 0.66 or intention to participate in ovarian cancer screening based on genetic risk assessment (t(1029 = 0.43, p = 0.67. There were also no between-groups differences in secondary outcomes. In the sample overall (n = 1031, knowledge about ovarian cancer increased from before to after exposure to the decision aid (from 5.71 to 6.77 out of a possible 10: t = 19.04, p < 0.001, and 74% of participants said that they would participate in ovarian cancer screening based on genetic risk assessment. Conclusions No differences in knowledge or

Integrating risk management and safety culture in a framework for risk informed decision making

International Nuclear Information System (INIS)

Nelson, W.R.

2009-01-01

Operators and regulators of nuclear power plants agree on the importance of maintaining safety and controlling accident risks. Effective safety and risk management requires treatment of both technical and organizational components. Probabilistic Risk Assessment (PRA) provides tools for technical risk management. However, organizational factors are not treated in PRA, but are addressed using different approaches. To bring both components together, a framework of Risk Informed Decision Making (RIDM) is needed. The objective tree structure of the International Atomic Energy Agency (IAEA) is a promising approach to combine both elements. Effective collaboration involving regulatory and industry groups is needed to accomplish the integration. (author)

Ambiguity aversion in schizophrenia: An fMRI study of decision-making under risk and ambiguity.

Science.gov (United States)

Fujino, Junya; Hirose, Kimito; Tei, Shisei; Kawada, Ryosaku; Tsurumi, Kosuke; Matsukawa, Noriko; Miyata, Jun; Sugihara, Genichi; Yoshihara, Yujiro; Ideno, Takashi; Aso, Toshihiko; Takemura, Kazuhisa; Fukuyama, Hidenao; Murai, Toshiya; Takahashi, Hidehiko

2016-12-01

When making decisions in everyday life, we often have to choose between uncertain outcomes. Economic studies have demonstrated that healthy people tend to prefer options with known probabilities (risk) than those with unknown probabilities (ambiguity), which is referred to as "ambiguity aversion." However, it remains unclear how patients with schizophrenia behave under ambiguity, despite growing evidence of their altered decision-making under uncertainty. In this study, combining economic tools and functional magnetic resonance imaging (fMRI), we assessed the attitudes toward risk/ambiguity and investigated the neural correlates during decision-making under risk/ambiguity in schizophrenia. Although no significant difference in attitudes under risk was observed, patients with schizophrenia chose ambiguity significantly more often than the healthy controls. Attitudes under risk and ambiguity did not correlate across patients with schizophrenia. Furthermore, unlike in the healthy controls, activation of the left lateral orbitofrontal cortex was not increased during decision-making under ambiguity compared to under risk in schizophrenia. These results suggest that ambiguity aversion, a well-established subjective bias, is attenuated in patients with schizophrenia, highlighting the need to distinguish between risk and ambiguity when assessing decision-making under these situations. Our findings, comprising important clinical implications, contribute to improved understanding of the mechanisms underlying altered decision-making in patients with schizophrenia. Copyright © 2016 Elsevier B.V. All rights reserved.

Integrating risk analysis and multi-criteria decision support under uncertainty in electricity distribution system asset management

International Nuclear Information System (INIS)

Catrinu, M.D.; Nordgard, D.E.

2011-01-01

Asset managers in electricity distribution companies generally recognize the need and the challenge of adding structure and a higher degree of formal analysis into the increasingly complex asset management decisions. This implies improving the present asset management practice by making the best use of the available data and expert knowledge and by adopting new methods for risk analysis and decision support and nevertheless better ways to document the decisions made. This paper discusses methods for integrating risk analysis and multi-criteria decision support under uncertainty in electricity distribution system asset management. The focus is on how to include the different company objectives and risk analyses into a structured decision framework when deciding how to handle the physical assets of the electricity distribution network. This paper presents an illustrative example of decision support for maintenance and reinvestment strategies based, using expert knowledge, simplified risk analyses and multi-criteria decision analysis under uncertainty.

Economic policy uncertainty, credit risks and banks lending decisions: Evidence from Chinese commercial banks

Institute of Scientific and Technical Information of China (English)

Qinwei Chi; Wenjing Li

2017-01-01

Using data for Chinese commercial banks from 2000 to 2014, this paper examines the effects of economic policy uncertainty(EPU) on banks’ credit risks and lending decisions. The results reveal significantly positive connections among EPU and non-performing loan ratios, loan concentrations and the normal loan migration rate. This indicates that EPU increases banks’ credit risks and negatively influences loan size, especially for joint-equity banks. Given the increasing credit risks generated by EPU, banks can improve operational performance by reducing loan sizes. Further research indicates that the effects of EPU on banks’ credit risks and lending decisions are moderated by the marketization level, with financial depth moderating the effect on banks’ credit risks and strengthening it on lending decisions.

Research on the robust optimization of the enterprise's decision on the investment to the collaborative innovation: Under the risk constraints

International Nuclear Information System (INIS)

Zhou, Qing; Fang, Gang; Wang, Dong-peng; Yang, Wei

2016-01-01

Abstracts: The robust optimization model is applied to analyze the enterprise's decision of the investment portfolio for the collaborative innovation under the risk constraints. Through the mathematical model deduction and the simulation analysis, the research result shows that the enterprise's investment to the collaborative innovation has relatively obvious robust effect. As for the collaborative innovation, the return from the investment coexists with the risk of it. Under the risk constraints, the robust optimization method could solve the minimum risk as well as the proportion of each investment scheme in the portfolio on the condition of different target returns from the investment. On the basis of the result, the enterprise could balance between the investment return and risk and make optimal decision on the investment scheme.

Application of a General Risk Management Model to Portfolio Optimization Problems with Elliptical Distributed Returns for Risk Neutral and Risk Averse Decision Makers

NARCIS (Netherlands)

B. Kaynar; S.I. Birbil (Ilker); J.B.G. Frenk (Hans)

2007-01-01

textabstractIn this paper portfolio problems with linear loss functions and multivariate elliptical distributed returns are studied. We consider two risk measures, Value-at-Risk and Conditional-Value-at-Risk, and two types of decision makers, risk neutral and risk averse. For Value-at-Risk, we show

Unrealistic optimism and decision making

Directory of Open Access Journals (Sweden)

Božović Bojana

2009-01-01

Full Text Available One of the leading descriptive theories of decision-making under risk, Tversky & Kahneman's Prospect theory, reveals that normative explanation of decisionmaking, based only on principle of maximizing outcomes expected utility, is unsustainable. It also underlines the effect of alternative factors on decision-making. Framing effect relates to an influence that verbal formulation of outcomes has on choosing between certain and risky outcomes; in negative frame people tend to be risk seeking, whereas in positive frame people express risk averse tendencies. Individual decisions are not based on objective probabilities of outcomes, but on subjective probabilities that depend on outcome desirability. Unrealistically pessimistic subjects assign lower probabilities (than the group average to the desired outcomes, while unrealistically optimistic subjects assign higher probabilities (than the group average to the desired outcomes. Experiment was conducted in order to test the presumption that there's a relation between unrealistic optimism and decision-making under risk. We expected optimists to be risk seeking, and pessimist to be risk averse. We also expected such cognitive tendencies, if they should become manifest, to be framing effect resistant. Unrealistic optimism scale was applied, followed by the questionnaire composed of tasks of decision-making under risk. Results within the whole sample, and results of afterwards extracted groups of pessimists and optimists both revealed dominant risk seeking tendency that is resistant to the influence of subjective probabilities as well as to the influence of frame in which the outcome is presented.

A methodological model to assist in the optimization and risk management of mining investment decisions

International Nuclear Information System (INIS)

Botin, Jose A; Guzman, Ronald R; Smith, Martin L

2011-01-01

Identifying, quantifying, and minimizing technical risks associated with investment decisions is a key challenge for mineral industry decision makers and investors. However, risk analysis in most bankable mine feasibility studies are based on the stochastic modeling of project N et Present Value (NPV)which, in most cases, fails to provide decision makers with a truly comprehensive analysis of risks associated with technical and management uncertainty and, as a result, are of little use for risk management and project optimization. This paper presents a value-chain risk management approach where project risk is evaluated for each step of the project life cycle, from exploration to mine closure, and risk management is performed as a part of a stepwise value-added optimization process.

77 FR 29391 - An Approach for Probabilistic Risk Assessment in Risk-Informed Decisions on Plant-Specific...

Science.gov (United States)

2012-05-17

... NUCLEAR REGULATORY COMMISSION [NRC-2012-0110] An Approach for Probabilistic Risk Assessment in Risk-Informed Decisions on Plant-Specific Changes to the Licensing Basis AGENCY: Nuclear Regulatory Commission. ACTION: Draft regulatory guide; request for comment. SUMMARY: The U.S. Nuclear Regulatory...