On Weighing Gains and Investments at the Margin of Risk Regulation

Analysts have long noted an apparent discrepancy in the level of investment seemingly necessary to meet "acceptable" levels of public safety. At the margin of risk regulation, i.e., where safety determination is judged acceptable, the traditional cost-benefit calculus appears to contribute obvious rationale to the final political decision. Efforts are now being made to introduce a measure of consistency into the application of risk-cost benefit analysis to radiological protection. This paper reviews these efforts from a UK perspective. It also looks at how the issue was treated in a public setting through the Sizewell B Public Inquiry.