Ideally, individual risk‐taking decisions and government risk policies should be based on a rational balancing of risk and cost. Unfortunately, private decisions are subject to a number of biases including overestimation of small probabilities and alarmist responses to ambiguous risks. Hazard warnings can potentially be effective, but are not always ideal, as the people now overestimate the risks of smoking. Labour market estimates of the value of life can provide a rational reference point for benefit‐cost tests of risk regulations. The pressures exerted by irrational public responses to risk often lead to regulations that impose inordinately high costs per life saved. Excessive regulation potentially makes society worse off from a health and safety standpoint as shown by the risk–risk analysis methodology developed in this book. Similarly, liability rules and social insurance systems also should be structured to reflect an efficient balancing of risk and cost.

No abstract

Assessment of academic programs is most often viewed by the academic community as a burden on faculty and administrators. It's something you must do for accreditation or to satisfy funding agencies. However, whether done at the college or departmental level, assessment can be a value-added process in striving for academic excellence. First, assessment requires the faculty to clearly define its program mission and objectives, along with learning outcomes that are consistent with its chosen mission and objectives. Second, assessment can be used to improve relations with students, alumni, employers, and other constituents. Finally, assessment as an ongoing process will result in a continuous improvement in curriculum and pedagogy. Assessment is at the very heart of the learning process, and all faculty have a duty to the scholarship of learning as an essential element of academic life.

No abstract