Three conceptions of quantified societal risk

In a number of European countries efforts are under way to quantify societal risk, and to develop quantified societal risk standards. There should be a clearer recognition of the difference between at least three conceptions of societal risk: a partial, indirect and practical view. It is discussed how each of these relates to different ways of setting standards to risk: revealed preference, expressed preference and formal analysis. It is concluded that efforts to quantify societal risk will contribute to transparent and fail societal decisions only if due recognite is given to domain specific risk considerations and the elaboration of historical and cost benefit appraoches in parallel.