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Luca Dellanna on Risk, Ruin, and Ergodicity

EconTalk

NOTE

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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