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Risk and Precaution Paperback – March 14, 2011

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Editorial Reviews


"This book is indeed an extraordinary accomplishment. It is a sophisticated, in-depth treatment of risk management in all of its complexities and complications. Numerous intellectual disciplines and subject matter fields are integrated to examine risk management in public policy. Randall's quest is to explore whether there is need in public policy for precautions, or safety margins, above and beyond that provided by ordinary risk management. The book demonstrates that for many situations ordinary risk management serves society well. Yet there are damaging events of infrequent occurrence but of major consequence, where ordinary risk management fails. His solution is to advance what he labels 'integrated risk management' which includes precautions not provided by ordinary risk management. His distinction between 'principles' and 'rules' in public policy formation alone makes reading the book worthwhile." - Emery N. Castle, Professor Emeritus, Oregon State University, Senior Fellow Emeritus and President Emeritus, Resources for the Future

Book Description

Respecting the complexity of the real world, Alan Randall defines a justifiable role for the precautionary principle in a risk management framework that integrates precaution with elements of the standard risk management model. This is explained using examples from medicine, pharmacy, synthetic chemicals, nanotechnology, the environment and natural resources conservation.

More About the Author

Alan Randall is a professor of agricultural, environmental, and development economics at The Ohio State University, and chair of the department. He specializes in environmental economics and policy, with particular interests in the theory and practice of estimating benefits and costs of environmental projects and programs, biodiversity and habitat conservation, policies for environmental sustainability, and environmental regulation, monitoring, and enforcement. His writings include Making the Environment Count: Selected Essays, (Edward Elgar, 1999), Resource Economics: An Economic Approach to Natural Resource and Environmental Policy (Wiley, 1981 and 1987; Edward Elgar, 2010 with John Bergstrom), and numerous journal articles.

Alan is a Fellow of the American Agricultural Economics Association and the Association of Environmental and Resource Economists, and a Distinguished Fellow of the Australian Agricultural and Resource Economics Society. He has received Ohio State University Awards for Distinguished Scholarship and Distinguished Faculty Service, and holds honorary doctorates from the University of Sydney and the Norwegian University of Environment and Life Sciences.

Watch for Alan's forthcoming book, Risk and Precaution, Cambridge University Press, 2011 -- see cover design in the photos section.

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