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Consequences of perceived risk: Demand for mitigation

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  • Lennart Sjoberg

Abstract

This paper reports an investigation of demand for risk reduction, or risk intolerance. It has often been assumed that risk level is a good, almost self-evident, predictor of demand for risk reduction. However, few previous studies have addressed the issue explicitly. Two empirical studies are reported here. The first is concerned with a mixture of trivial, everyday risks and potentially fatal risks of the kind usually investigated in risk perception work. It was found that some trivial risks were rated to be just as high or higher than fatal risks, e.g. the risk of catching cold compared with the risk of getting AIDS. The level of perceived risk was found to be related mostly to the probability of harm or injury but demand for risk reduction was related mostly to the expected severity of 'consequences', should harm occur. In a study of home insurance customers, these findings were replicated. It is concluded that demand for risk reduction is driven by the severity of consequences, not probability of harm, or risk. The same is true for attitudes to insurance and protective action.

Suggested Citation

  • Lennart Sjoberg, 1999. "Consequences of perceived risk: Demand for mitigation," Journal of Risk Research, Taylor & Francis Journals, vol. 2(2), pages 129-149.
    • Handle: RePEc:taf:jriskr:v:2:y:1999:i:2:p:129-149
    DOI: 10.1080/136698799376899
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    Cited by:

    1. Milad Mehdizadeh & Trond Nordfjaern & AmirReza Mamdoohi, 2018. "The role of socio-economic, built environment and psychological factors in parental mode choice for their children in an Iranian setting," Transportation, Springer, vol. 45(2), pages 523-543, March.
    2. Kris Wernstedt & Pamela Murray‐Tuite, 2015. "The Dynamic Nature of Risk Perceptions After a Fatal Transit Accident," Risk Analysis, John Wiley & Sons, vol. 35(3), pages 536-552, March.
    3. B Ding & M Stevenson & J.S. Busby, 2017. "The relationship between risk control imperative and perceived causation: the case of product counterfeiting in China," Journal of Risk Research, Taylor & Francis Journals, vol. 20(6), pages 800-826, June.
    4. Schmidt, Ulrich & Zimper, Alexander, 2003. "Security And Potential Level Preferences With," Sonderforschungsbereich 504 Publications 03-29, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    5. Christoffersen, Jeppe & Holzmeister, Felix & Plenborg, Thomas, 2023. "What is risk to managers?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 40(C).
    6. Helene Joffe & Gabriela Perez-Fuentes & Henry W. W. Potts & Tiziana Rossetto, 2016. "How to increase earthquake and home fire preparedness: the fix-it intervention," Natural Hazards: Journal of the International Society for the Prevention and Mitigation of Natural Hazards, Springer;International Society for the Prevention and Mitigation of Natural Hazards, vol. 84(3), pages 1943-1965, December.
    7. Goodfellow, Martin J. & Williams, Hugo R. & Azapagic, Adisa, 2011. "Nuclear renaissance, public perception and design criteria: An exploratory review," Energy Policy, Elsevier, vol. 39(10), pages 6199-6210, October.
    8. Daniella Kupor & Kristin Laurin & Chris Janiszewski & J Jeffrey Inman, 2020. "Probable Cause: The Influence of Prior Probabilities on Forecasts and Perceptions of Magnitude [Perceived Intent Motivates People to Magnify Observed Harms]," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 46(5), pages 833-852.
    9. Christoph M. Rheinberger, 2010. "Experimental Evidence Against the Paradigm of Mortality Risk Aversion," Risk Analysis, John Wiley & Sons, vol. 30(4), pages 590-604, April.
    10. Sjöberg, Lennart & Engelberg, Elisabeth, 2006. "Attitudes to economic risk-taking, sensation seeking and values of business students specializing in finance," SSE/EFI Working Paper Series in Business Administration 2006:3, Stockholm School of Economics, revised 14 Oct 2006.
    11. Laura Colautti & Alice Cancer & Sara Magenes & Alessandro Antonietti & Paola Iannello, 2022. "Risk-Perception Change Associated with COVID-19 Vaccine’s Side Effects: The Role of Individual Differences," IJERPH, MDPI, vol. 19(3), pages 1-14, January.
    12. Christoph M. Rheinberger & Michael Bründl & Jakob Rhyner, 2009. "Dealing with the White Death: Avalanche Risk Management for Traffic Routes," Risk Analysis, John Wiley & Sons, vol. 29(1), pages 76-94, January.

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