Behavioral decision theory perspectives on risk and safety

Behavioral decision theory can contribute in many ways to the management and regulation of risk. In recent years, empirical and theoretical research on decision making under risk has produced a body of knowledge that should be of value to those who seek to understand and improve societal decisions. This paper describes several components of this research, which is guided by the assumption that all those involved with high-risk technologies as promoters, regulators, politicians, or citizens need to understand how they and the others think about risk. Without such understanding, well-intended policies may be ineffective, perhaps even counterproductive.