Difficulties in assessing Personal Risks
• Individuals are ready to assume voluntary risks than involuntary risks. • The difficulty here is generally in assessing personal risks which are involuntary. • The problem of quantification of risk raises innumerable problems. • For example, how to assign a rupee value to one’s life. There is no over the counter trade in lives. • Even for a sale, it has to be clear under what conditions the sale is to take place. • If one buys a kg of rice it matters whether it is just one additional purchase one makes Regularly or it is the first rice purchase after quite sometime. • Even when compensations are made to people exposed to involuntary risk, the basis on which it is made or even the intensity of risk could be different for different people. • As of now, the one suggestion could be to employ an open procedure, overseen b y trained arbiters, in each case, where risk to individuals is to be studied and remedied.