Trade‐offs and the precautionary principle: A lexicographic utility approach

The precautionary principle is often argued to be irrational because it cannot adequately explain how resources should be distributed across multiple possible catastrophes or between catastrophic and noncatastrophic risks. We address this problem of trade‐offs by extending a recently proposed formal interpretation of the precautionary principle (PP) within a lexical utility framework and using it to prove results about which distribution of resources maximizes lexical utility when several catastrophic risks exist, given different assumptions. We also explain how our lexical utility interpretation of PP can recommend balanced distributions of resources between disaster prevention and other concerns.