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A Hint of Risk: Tradeoffs Between Quantitative and Qualitative Risk Factors

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  • Robin Gregory
  • Sarah Lichtenstein

Abstract

Risk‐perception research plays an active role in discussions of risk‐management alternatives. However, little guidance is provided regarding how public concerns should be weighed against other sources of cost and benefits. This paper reports the results of two experiments that measure tradeoffs among cost (in dollars), a quantitative risk measure (number of deaths or injuries), and several qualitative characteristics associated with perceived risk. Most subjects were willing to make the requested trade. However, the perceived risk information led others to reject the proposed technology.

Suggested Citation

  • Robin Gregory & Sarah Lichtenstein, 1994. "A Hint of Risk: Tradeoffs Between Quantitative and Qualitative Risk Factors," Risk Analysis, John Wiley & Sons, vol. 14(2), pages 199-206, April.
    • Handle: RePEc:wly:riskan:v:14:y:1994:i:2:p:199-206
    DOI: 10.1111/j.1539-6924.1994.tb00045.x
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    References listed on IDEAS

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    1. L. Robin Keller & Rakesh K. Sarin, 1988. "Equity in Social Risk: Some Empirical Observations," Risk Analysis, John Wiley & Sons, vol. 8(1), pages 135-146, March.
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    Cited by:

    1. Burgherr, Peter & Eckle, Petrissa & Hirschberg, Stefan, 2012. "Comparative assessment of severe accident risks in the coal, oil and natural gas chains," Reliability Engineering and System Safety, Elsevier, vol. 105(C), pages 97-103.
    2. Reed, Phil, 1999. "Effect of perceived cost on judgments regarding the efficacy of investment," Journal of Economic Psychology, Elsevier, vol. 20(6), pages 657-676, December.
    3. Cookson, Richard, 2000. "Incorporating psycho-social considerations into health valuation: an experimental study," Journal of Health Economics, Elsevier, vol. 19(3), pages 369-401, May.
    4. Terre Satterfield & Sara Nawaz & Guillaume Peterson St-Laurent, 2023. "Exploring public acceptability of direct air carbon capture with storage: climate urgency, moral hazards and perceptions of the ‘whole versus the parts’," Climatic Change, Springer, vol. 176(2), pages 1-21, February.
    5. Joanna Sokolowska & Tadeusz Tyszka, 1995. "Perception and Acceptance of Technological and Environmental Risks: Why Are Poor Countries Less Concerned?," Risk Analysis, John Wiley & Sons, vol. 15(6), pages 733-743, December.

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