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

dc.creatorOzdemir, Ozlem
dc.date.accessioned2016-11-14T23:12:25Z
dc.date.available2011-02-18T19:14:00Z
dc.date.available2016-11-14T23:12:25Z
dc.date.issued2000-05
dc.degree.departmentEconomicsen_US
dc.description.abstractThe 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.
dc.format.mimetypeapplication/pdf
dc.identifier.urihttp://hdl.handle.net/2346/9960en_US
dc.language.isoeng
dc.publisherTexas Tech Universityen_US
dc.rights.availabilityUnrestricted.
dc.subjectRisk managementen_US
dc.subjectRisk perceptionen_US
dc.subjectRisk-taking (Psychology)en_US
dc.titleRisk perception and the value of safety for low probability, high consequence risks: theoretical and empirical investigation
dc.typeDissertation

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