Abstract
Abstract Decisions about the regulation of risks typically impact on a number of different sectors of society, and so have to take cognizance of the views of a variety of stakeholders. One way to conceptualize such decisions is to think of the regulatory or governmental decision maker as a “supra decision maker” (supra DM). The notion of a supra DM represents a distinctively decision‐theoretic take on the aggregation of individual preferences, whereby stakeholders' value functions are arguments in the supra DM's utility function. A normative theory of the supra DM exists, which provides conditions for an additive representation of the supra DM's value function, but this theory avoids key questions about securing honest statements of stakeholders' values, and about the comparability of these statements. Despite this drawback, the idea of a supra DM is a useful frame for thinking about, and for private analysis of, decisions that impact multiple stakeholders.
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