Difficulties in assessing Personal Risks

•  Individuals are ready to assume voluntary risks than involuntary risks.

•  The difficulty here is generally in assessing personal risks which are involuntary.

•  The problem of quantification of risk raises innumerable problems.

•    For example, how to assign a rupee value to one’s life. There is no over the counter trade in lives.

• Even for a sale, it has to be clear under what conditions the sale is to take place.

•  If one buys a kg of rice it matters whether it is just one additional purchase one makes

Regularly or it is the first rice purchase after quite sometime.

•    Even when compensations are made to people exposed to involuntary risk, the basis on which it is made or even the intensity of risk could be different for different people.

•    As of now, the one suggestion could be to employ an open procedure, overseen b y trained arbiters, in each case, where risk to individuals is to be studied and remedied.