Risk equity serves as the purported rationale for a wide range of inefficient policy practices, such as the concern that hypothetical individual risks not be too great. This paper proposes an alternative risk equity concept in terms of equitable trade-offs rather than equity in risk levels. Equalizing the cost per life saved across policy contexts will save additional lives and will give fair treatment to risks arising in a variety of domains. Equitable trade-offs will also benefit minorities who currently are disadvantaged by politically based inefficient policies. Copyright 2000 by the University of Chicago.