Although recently, some scientifically trained risk analysts have recognised
that public perceptions of risk dreads should play a role in
social cost calculations, it is not yet evident that this has had much
practical input into the water related risk assessment process. Unless
the cost and benefit assessment stage employs weighting techniques to
give priority to specific groups (e.g. those on very low incomes) the
distribution of welfare arising from the action and option choices has
no relevance in the scientific decision process. It would not matter if
all the benefits of risk mitigation were given to the citizens of the
nation's capital or those in the highest income groups as long as the
CBA produced the correct result. Equity is not a likely outcome of
such a process since inevitably cost benefit assessments favour the
defence of high value properties.
It is, of course, axiomatic that this scientific