Risk perception and the value of safety for low probability, high consequence risks: theoretical and empirical investigation

Show full item record

Title: Risk perception and the value of safety for low probability, high consequence risks: theoretical and empirical investigation
Author: Ozdemir, Ozlem
Abstract: The purpose of this study is to explore the relationship between individuals' risk perceptions and their willingness -to -pay for increased safety in low -probability , high consequence risk situations . In order to explore this relationship , we first review some previous theoretical models on individual decision making in risky situations , specifically for low -probability , high -consequence risks . Although standard economic theories have built a substantial framework to explain behavioral responses to risks , they are not fully adequate to describe people's decisions under some uncertain and risky situations , particularly for low -probability events (Camerer and Kunreuther , 1989 ) . Therefore , empirical investigations become crucial . Consistent with McClelland , Shulze , and Coursey (1993 ) , we believe that field and lab studies provide complementary information for low -probability risks .
URI: http : / /hdl .handle .net /2346 /9960
Date: 2000-05

Citation

Ozdemir, Ozlem Risk perception and the value of safety for low probability, high consequence risks: theoretical and empirical investigation. Doctoral dissertation, Texas Tech University. Available electronically from http : / /hdl .handle .net /2346 /9960 .

Files in this item

Files Size Format View

There are no files associated with this item.

This item appears in the following Collection(s)

Show full item record

Search DSpace

Advanced Search

Browse