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Luca Dellanna on Risk, Ruin, and Ergodicity

EconTalk

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The Pyramid of Risk in Manufacturing Risk Management

The pyramid of risk principle is an idea from the 1930s used in manufacturing risk management./nFor each deadly accident, there are a few accidents in which injury was provoked./nEvaluated behavior based on injuries on the top of the pyramid is not an effective method for safety./nBehavior should be adjusted based on near-misses at the bottom of the pyramid./nLimitations exist, but the pyramid framework is still useful.

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