3 - Disaster Risk

Abstract

Risk is a concept used by many disciplines as an overarching analytical theme, and it is extraordinarily useful for that purpose. The definition used in this book is Risk=Hazard×Vulnerability. In this pseudo-equation, exposure is implicit. Although having the appearance of objectivity, risk is best viewed as being largely socially constructed. There is no optimum risk assessment or management strategy; context determines which approach is most suitable. Also, there are many issues or traps that can result in poor or biased risk estimations. These include adherence to specific worldviews, heuristics, bounded rationality, emotions, and values.