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Proceedings of the British Academy, Volume 131, 2004 Lectures$
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P. J. Marshall

Print publication date: 2005

Print ISBN-13: 9780197263518

Published to British Academy Scholarship Online: January 2012

DOI: 10.5871/bacad/9780197263518.001.0001

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What Fates Impose: Facing Up to Uncertainty

What Fates Impose: Facing Up to Uncertainty

British Academy Lecture

(p.396) (p.397) What Fates Impose: Facing Up to Uncertainty
Proceedings of the British Academy, Volume 131, 2004 Lectures

Mervyn King

British Academy

This lecture discusses risk, specifically how people think, talk, and manage risk. It illustrates two propositions: thinking in terms of probabilities and the public receiving accurate and objective information about the risks. These propositions are illustrated by considering public policy about pensions as an example. The lecture also stresses that most public policy decisions are a matter of balancing risks. It determines that modelling and recognising risks means understanding the limits to a person's present knowledge, while communicating risk is about transparency.

Keywords:   risk, public policy, balancing risks, communicating risks, modelling risks, recognizing risks, probabilities

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