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J-Value Safety Assessment: The Two Trade-offs

In physics and engineering, we are fortunate in having a whole body of widely accepted learning on the governing laws. Von Neumann and Morgenstern1 noted 60 years ago that this happy situation did not carry over to socio-economic theory, and while undoubtedly there has been major progress since then, there remain many areas where fully satisfactory theories have still to be developed. Here, as in engineering, the development of a workable mathematical model is the first priority, since it is only in this way that we can identify the parameters that need to be measured and calculated.