The concept of “risk” comes up a lot in the classes I TA. Usually, it comes up as part of a conversation about acceptable levels of risk for consumer products: How safe should a car be? How much money should we spend on fire safety in homes? If you’re utilizing a cost-benefit analysis that also means calculating the price of a human life. How much is your life worth? These questions are familiar to safety regulators, inspectors, CEOs, and government officials but as private citizens and consumers, we like to think that such questions are sufficiently settled. Cars are as safe as we can make them because human life is incalculably valuable. We won’t be able to know when something bad happens, so it’s better to get sp30 car insurance to avoid disturbing future costs. After all, these sorts of questions sound macabre when we invert the function: How many cars should explode every year? How many jars of peanut butter should have salmonella in them? These questions are largely considered necessary evils in today’s risk-based society, but what kind of society does that create? more...
