A risk assessment was performed to assist in the evaluation of equipment improvements for a chemical storage facility. The risk assessment was accomplished through the use of several different methodologies e.g., fault tree analysis, event trees, and risk perspective techniques. The result of...

Decision and risk analysts have considerable discretion in designing procedures for eliciting subjective probabilities. One of the most popular approaches is to specify a particular set of exclusive and exhaustive events for which the assessor provides such judgments. We show that assessed...

A number of proposals have been put forth regarding the proper way to model the societal impact of fatal accidents. Most of these proposals are based on some form of utility function asserting that the social cost (or disutility) of N lives lost in a single accident is a function of N^\alpha. A...

In many decision situations information is available from a number of different sources. Aggregating the diverse bits of information is an important aspect of the decision-making process but entails special statistical modeling problems in characterizing the information. Prior research in this...

Earlier models for the evaluation of assuming and shedding risks of death are extended to the case of possibly extreme disability over a lifetime. Earlier micromort values are supplemented with microdisability values to enable individuals to make consistent decisions in hazardous situations.

The paper presents safety data for the period 1977--86 from more than 30 U.S. domestic airlines and 80 international flag carriers. These statistics are examined in conjunction with others from an earlier MIT study about the previous two decades. The primary safety measure used is "death risk...

Successful implementation of OR/MS is increasingly becoming a concern of researchers and practitioners in the field. Research efforts to date have resulted in various conceptual models of the implementation process. While offering general insight, these conceptual models provide little...

This article provides a theoretical framework related to Data Envelopment Analysis (DEA) in which an analytical relationship among eight different efficiency concepts is defined and explored in terms of production and cost analyses. This article extends the theoretical basis into the measurement...

This paper compares inferences about hospital cost and production correspondences from two different estimation models: (1) the econometric modeling of the translog cost function, and (2) the application of Data Envelopment Analysis (DEA). While there are numerous examples of the application of...

This paper provides a formal statistical basis for the efficiency evaluation techniques of data envelopment analysis (DEA). DEA estimators of the best practice monotone increasing and concave production function are shown to be also maximum likelihood estimators if the deviation of actual output...