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Technical Note—Equity and Public Risk: Some Empirical Results

Author

Listed:
  • M. Hammerton

    (University of Newcastle upon Tyne, England)

  • M. W. Jones-Lee

    (University of Newcastle upon Tyne, England)

  • V. Abbott

    (University of Newcastle upon Tyne, England)

Abstract

Is the prospect of the certain loss of one (as yet unidentified) life in a population of N people equivalent to the exposure of the N people to independent risks of death of 1/ N each? In a recent issue of this journal Keeney argued that this would, in general, not be the case and showed that a preference for a more equitable distribution of physical risk implies a preference for the independent risks rather than the certain loss of unidentified life, while “catastrophe aversion” implies the reverse. In this note we report empirical results which suggest that a majority of individuals display “catastrophe aversion” rather than “equity proneness,” at least for the kind of alternatives described above.

Suggested Citation

  • M. Hammerton & M. W. Jones-Lee & V. Abbott, 1982. "Technical Note—Equity and Public Risk: Some Empirical Results," Operations Research, INFORMS, vol. 30(1), pages 203-207, February.
    • Handle: RePEc:inm:oropre:v:30:y:1982:i:1:p:203-207
    DOI: 10.1287/opre.30.1.203
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    Citations

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    Cited by:

    1. Emmanuel Kemel & Corina Paraschiv, 2018. "Deciding about human lives: an experimental measure of risk attitudes under prospect theory," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 51(1), pages 163-192, June.
    2. Ehsan Taheri & Chen Wang, 2018. "Eliciting Public Risk Preferences in Emergency Situations," Decision Analysis, INFORMS, vol. 15(4), pages 223-241, December.
    3. Christoph M. Rheinberger & Nicolas Treich, 2017. "Attitudes Toward Catastrophe," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 67(3), pages 609-636, July.

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