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Risk Preferences Regarding Multiple Fatalities and Some Implications for Societal Risk Decision Making—An Empirical Study

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  • Marcus Abrahamsson
  • Henrik Johansson

Abstract

Risk preferences related to accidents or other situations involving the possibility of multiple fatalities were studied in 87 persons in Sweden belonging to two separate groups with professional or educational knowledge of risk‐ and crisis‐management issues. Use was made of a tradeoff method, the results obtained consisting of von Neuman–Morgenstern utility functions over the range of 0–1000 fatalities. Most of the utility curves for the number of fatalities were found to be convex, implying the majority of subjects to display risk‐seeking behaviour. Implications of the findings for societal risk decision making are discussed, along with prospective areas of application and the possibilities of considering other dimensions than the number of fatalities.

Suggested Citation

  • Marcus Abrahamsson & Henrik Johansson, 2006. "Risk Preferences Regarding Multiple Fatalities and Some Implications for Societal Risk Decision Making—An Empirical Study," Journal of Risk Research, Taylor & Francis Journals, vol. 9(7), pages 703-715.
    • Handle: RePEc:taf:jriskr:v:9:y:2006:i:7:p:703-715
    DOI: 10.1080/13669870600799853
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    Cited by:

    1. 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.
    2. 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.
    3. 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.

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