ABSTRACT
New and particularly severe risks, also of a catastrophic nature, have made their appearance in the last few decades-from global warming to genetically modified food to political terrorism. Modern societies are engaged in a struggle to reduce risks which are, to a certain extent, the result of economic and technological progress. Unfortunately, this is not an easily achievable goal. Our knowledge in most cases is too limited to be of any help and the chances that to reduce some risks new ones are created are not negligible. Above all, the costs implied by a risk-abating strategy may be high and we apparently live in a world where the growing exposure to catastrophic risks is not matched by a parallel willingness to pay for their reduction.
