In this research, a dichotomy between two different risk approaches is presented. One approach depicts risk management and a subpart of it, risk allocation, to be objective. The other approach contradicts this approach by stating that all stages of risk analysis, including its te
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In this research, a dichotomy between two different risk approaches is presented. One approach depicts risk management and a subpart of it, risk allocation, to be objective. The other approach contradicts this approach by stating that all stages of risk analysis, including its techniques involve subjectivity (Redmill, 2002). The ‘dual nature of risk’, which implies that risks are on the one hand, objectively given, and on the other hand subjective, mental constructs (Klinke & Renn, 2002), is investigated in this research. Based on case studies, a cross-case analysis and expert validation, conclusions and recommendations are given on which theoretical risk approach is applied in practice. Furthermore, a new risk allocation concept has been developed.
