Optimizing Innovation and Calamity
Research Area: | Volume 4 Issue 1, Jan. 2015 | Year: | 2015 |
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Type of Publication: | Article | Keywords: | Risk Compensation, Risk Homeostasis, Unintended Consequences, Risk Analysis, Failure Rate, Product Safety, Defect Ratio, Failures in Time, Innovation, Productivity |
Authors: |
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Journal: | IJEIR | Volume: | 4 |
Number: | 1 | Pages: | 50-56 |
Month: | Jan.-Feb. | ||
ISSN: | 2277-5668 | ||
Abstract: | The aim of this paper is to develop a model to
quantify both economic and technical processes (e.g.
engineering and policy formation), in regards to safety (or
crash rate) and features (innovation). Empirically a
relationship may be construed from findings of risk
compensation or even risk homeostasis, but these are
psychological factors and applicable to individuals, not
corporations. Our method is to rigorously derive a
microeconomic model showing that risk changes can be
explained by utility optimizing providers (businesses,
governments, engineers) and consumers (users, citizens).
The model terms are development, manufacturing & testing
costs, utility to consumers (innovation), crash rate and defect
ratio. Results show some unexpected results that may guide
corporate or government planning. |
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