On the rationality of using risk acceptance criteria based on the expected utility theory
by Eirik Bjorheim Abrahamsen
International Journal of Business Continuity and Risk Management (IJBCRM), Vol. 2, No. 1, 2011

Abstract: Risk acceptance criteria, as upper limits of acceptable risk, are often used to control accident risk. In the literature, there is a discussion about the suitability of using such criteria. The purpose of this paper is to contribute to this discussion by questioning the rationale of using risk acceptance criteria in accordance with the ruling paradigm for decision-making under uncertainty – the expected utility theory. Attention is given to the rationality of using risk acceptance criteria from both a firm's and a societal point of view.

Online publication date: Sat, 27-Sep-2014

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