Addressing an audience of academic and business leaders in New York City earlier this month, Department of Homeland Security Secretary Michael Chertoff emphasized the importance of risk-management principles in designing an effective approach to minimizing the threat of terrorism. “In business,” Chertoff said, “[y]ou weigh the risks of a particular action, you conduct a cost-benefit analysis, and you factor these into your considerations.” Where the costs of any security strategy -- like investing major federal resources in disaster preparedness for the residents of Rochester, Minnesota -- outweigh its plausible benefits, we are better off without it.