Archives For Aleatory Risk

Crowely (Image source: Warner Bro's TV)

The psychological basis of uncertainty

There’s a famous psychological experiment conducted by Ellsberg, called eponymously the Ellsberg paradox, in which he showed that people overwhelmingly prefer a betting scenario in which the probabilities are known, rather than one in which the odds are actually ambiguous, even if the potential for winning might be greater.  Continue Reading…

4blackswans

One of the problems that we face in estimating risk driven is that as our uncertainty increases our ability to express it in a precise fashion (e.g. numerically) weakens to the point where for deep uncertainty (1) we definitionally cannot make a direct estimate of risk in the classical sense. Continue Reading…

I’ve rewritten my post on epistemic, aleatory and ontological risk pretty much completely, enjoy.

For those of you interested in such things, there’s an interesting thread running over on the Safety Critical Mail List at Bielefeld on software failure. Sparked off by Peter Ladkin’s post over on Abnormal Distribution on the same subject. Whether software can be said to fail and whether you can use the term reliability to describe it is one of those strange attractors about which the list tends to orbit. An interesting discussion, although at times I did think we were playing a variant of Wittgenstein’s definition game.

And my opinion? Glad you asked.

Yes of course software fails. That it’s failure is not the same as the pseudo-random failure that we posit to hardware components is neither here nor there. Continue Reading…

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Why we should take the safety performance of small samples with a grain of salt

Safety when expressed quantitatively as the probability of a loss over some unit of exposure, is in effect a proportional rate. This is useful as we can compare the performance of different systems or operations when one has of operating hours, and potentially lots of accidents while another has only a few operating hours and therefore fewer accidents. Continue Reading…

Well it was either Crowley or Kylie Minogue given the title of the post, so think yourselves lucky (Image source: Warner Brothers TV)

Sometimes it’s just a choice between bad and worse

If we accept that different types of uncertainty create different types of risk then it follows that we may in fact be able to trade one type of risk for another, and in certain circumstances this may be a preferable option.

Continue Reading…

Interesting article on old school rail safety and lessons for the modern nuclear industry. As a somewhat ironic addendum the early nuclear industry safety studies also overlooked the risks posed by large inventories of fuel rods on site, the then assumption being that they’d be shipped off to a reprocessing facility as soon as possible, it’s hard to predict the future. 🙂