The paper proposes a novel way to handle the relation between decision theory and uncertainty in the context of policy design. Present risk governance is based primarily on two institutions - insurance markets and public risk governance - supported by a powerful theory: the expected utility...

Rich countries have developed a historically unprecedented capability to manage conventional risks - fire, floods, earthquakes etc., but also car accidents, many workplace risks, and more. It is based on two institutions - insurance markets and public risk governance - supported by a powerful...