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Lottery Games and Risky Technologies: Communications About Low‐Probability/High‐Consequence Events

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  • Jeryl L. Mumpower

Abstract

There are strong structural similarities between risks from technological hazards and big‐purse state lottery games. Risks from technological hazards are often described as low‐probability, high‐consequence negative events. State lotteries could be equally well characterized as low‐probability, high‐consequence positive events. Typical communications about state lotteries provide a virtual strategic textbook for opponents of risky technologies. The same techniques can be used to sell lottery tickets or “sell” opposition to risky technologies. Eight basic principles are enumerated.

Suggested Citation

  • Jeryl L. Mumpower, 1988. "Lottery Games and Risky Technologies: Communications About Low‐Probability/High‐Consequence Events," Risk Analysis, John Wiley & Sons, vol. 8(2), pages 231-235, June.
    • Handle: RePEc:wly:riskan:v:8:y:1988:i:2:p:231-235
    DOI: 10.1111/j.1539-6924.1988.tb01176.x
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    References listed on IDEAS

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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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    Cited by:

    1. Shu Li & Jin‐Zhen Li & Yi‐Wen Chen & Xin‐Wen Bai & Xiao‐Peng Ren & Rui Zheng & Li‐Lin Rao & Zuo‐Jun Wang & Huan Liu, 2010. "Can Overconfidence be Debiased by Low‐Probability/High‐Consequence Events?," Risk Analysis, John Wiley & Sons, vol. 30(4), pages 699-707, April.

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