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Multiobjective Generating Techniques for Risk/Benefit Analysis

TitleMultiobjective Generating Techniques for Risk/Benefit Analysis
Publication TypeBook Chapter
Year of Publication1981
AuthorsCohon JL, ReVelle CS, Palmer RN
Book TitleRisk/Benefit Analysis in Water Resources Planning and Management
ChapterSession III
Pagination123-134
PublisherPlenum Press
CityNew York
ISBN Number978-1-4899-2168-0
ISBN978-1-4899-2170-3
Abstract

The point of departure for this paper is the common methodological and policy-making characteristics shared by problems in “risk/benefit analysis” and multiobjective analysis. Indeed, we are not sure of the differences between The point of departure for this paper is the common methodological and policy-making characteristics shared by problems in “risk/benefit analysis” and multiobjective analysis. Indeed, we are not sure of the differences between the two problem types: risk/benefit analysis seems to be simply a new phrase for a specific setting of multiobjective analysis. Multiobjective problems have many conflicting objectives, presenting a challenge to decision makers to select an alternative that will somehow balance the trade-offs among the objectives. Similarly, risk/benefit analysis is directed at problems in which a similar compromise must be struck between the benefits of an action and the risks posed by or inherent in that action. Our claim is that risk/benefit analysis is just multiobjective analysis over two specific objectives: benefits (itself a multidimensional measure of system performance in the general case) and risk.the two problem types: risk/benefit analysis seems to be simply a new phrase for a specific setting of multiobjective analysis. Multiobjective problems have many conflicting objectives, presenting a challenge to decision makers to select an alternative that will somehow balance the trade-offs among the objectives. Similarly, risk/benefit analysis is directed at problems in which a similar compromise must be struck between the benefits of an action and the risks posed by or inherent in that action. Our claim is that risk/benefit analysis is just multiobjective analysis over two specific objectives: benefits (itself a multidimensional measure of system performance in the general case) and risk.

DOI10.1007/978-1-4899-2168-0_9