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Original Articles

HAZARD AND ENERGY IN RISKY DECISIONS

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Pages 315-337 | Received 21 Aug 1998, Accepted 01 Oct 1998, Published online: 20 Sep 2007
 

Abstract

An analogy between two apparently disparate subjects, mechanics and risky decision making, is presented. The core idea used to explore the analogy is that of process. A process has attributes such as a potential difference associated with a flow of change. Other attributes are state variables, success/fail states, objectives, roles, players, clients etc. Transformations of state variables require energy. Ongoing success requires a controlled energy; by contrast hazard seems to be uncontrolled energy. The analogy enables various tentative comparisons to be made. For example in mechanics the attributes of potential difference and flow are differential velocity and force and in risky decision making they are expectation and ‘creative tension’. Risk and opportunity are symmetrical features of expectation. Latent ‘soft’ hazards are analogous to potential energy and ‘hard’ hazards to kinetic energy. Power and proneness to failure are also seen to be comparable. The loss/benefit and risk/opportunity and hazard/preparedness conditions for risky decision making are explored.

Additional information

Notes on contributors

DAVID BLOCKLEY

Corresponding author

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