Reliability and validity of risk analysis

In this paper we investigate to what extent risk analysis meets the scientific quality requirements of reliability and validity. We distinguish between two types of approaches within risk analysis, relative frequency-based approaches and Bayesian approaches. The former category includes both traditional statistical inference methods and the so-called probability of frequency approach. Depending on the risk analysis approach, the aim of the analysis is different, the results are presented in different ways and consequently the meaning of the concepts reliability and validity are not the same.