Professor Forman

When is an ounce of prevention worth more than a pound of cure?

Contrary to previous thinking, humans are not risk averse. They are risk averse when considering gains, but risk seeking when it comes to losses — such as risks. This means humans are reluctant to devote resources today in order to prevent or mitigate losses due to uncertain events that may never happen. In other words, an ounce of prevention could be worth more than a pound of cure. But how would one know? Only with scientifically valid estimates of risks and effectiveness of controls to reduce those risks. For a detailed explanation of the above see the video: An Ounce of Prevention Can be Worth More Than A Pound of Cure.

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