My main technique is an " I need to really think about weather this is safe/appropriate" for you to do. I think you need to think too about the risks as well as the upsides.... No don't shout them at me now, have a think and we'll talk at the weekend ( or what ever).
Interestingly, on all the occasions I've had a really serious reservation about the child has decided not to do it in the end and all has been fairly OK.
I don't say no without sound reasons though and never have so I guess they know if I'm sucking my teeth it might not be a good idea.
I would say no and not let them go if I was really worried but I've never had too. Though at 14+ you can't really forcibly stop them I guess.
AS i said on the party thread, I'm also very happy to be the " bad guy" for them to blame if they want an out of anything too. I think sometimes this allows them to use their head and blame an appropriate choice on the parents, thus saving face (it's been used when they have too much work to do to party but don't want to let on this is the case so far).