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Terrorism Risk Concern in Europe

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  • Konstantinos Drakos
  • Cathérine Müller

Abstract

We explore whether differences of terrorism risk perception across all European countries reflect their underlying differences in terrorism risk, which we decompose into a long term and innovation component. We employ longitudinal country-level data on terrorism risk concern and our modeling approach is motivated by the Bayesian framework. We conclude that the observed risk perception variation is significantly explained by the long term terrorism countries face, while the cyclical part of terrorism activity does not affect risk perception.

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File URL: http://www.diw.de/documents/publikationen/73/diw_01.c.358106.de/diw_econsec0037.pdf
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Bibliographic Info

Paper provided by DIW Berlin, German Institute for Economic Research in its series Economics of Security Working Paper Series with number 37.

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Length: 11 p.
Date of creation: 2010
Date of revision:
Handle: RePEc:diw:diweos:diweos37

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  1. Pesaran, M.H., 2004. "‘General Diagnostic Tests for Cross Section Dependence in Panels’," Cambridge Working Papers in Economics 0435, Faculty of Economics, University of Cambridge.
  2. Harvey, A C, 1985. "Trends and Cycles in Macroeconomic Time Series," Journal of Business & Economic Statistics, American Statistical Association, vol. 3(3), pages 216-27, June.
  3. Clark, Peter K, 1987. "The Cyclical Component of U.S. Economic Activity," The Quarterly Journal of Economics, MIT Press, vol. 102(4), pages 797-814, November.
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  5. John C. Driscoll & Aart C. Kraay, 1998. "Consistent Covariance Matrix Estimation With Spatially Dependent Panel Data," The Review of Economics and Statistics, MIT Press, vol. 80(4), pages 549-560, November.
  6. Loewenstein, George & Mather, Jane, 1990. " Dynamic Processes in Risk Perception," Journal of Risk and Uncertainty, Springer, vol. 3(2), pages 155-75, June.
  7. Eckstein, Zvi & Tsiddon, Daniel, 2004. "Macroeconomic consequences of terror: theory and the case of Israel," Journal of Monetary Economics, Elsevier, vol. 51(5), pages 971-1002, July.
  8. W. Kip Viscusi & Wesley A. Magat & Joel Huber, 1987. "An Investigation of the Rationality of Consumer Valuations of Multiple Health Risks," RAND Journal of Economics, The RAND Corporation, vol. 18(4), pages 465-479, Winter.
  9. Evans, William N & Viscusi, W Kip, 1991. "Estimation of State-Dependent Utility Functions Using Survey Data," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 94-104, February.
  10. Smith, V. Kerry & Michaels, R. Gregory, 1987. "How did households interpret chernobyl? : A bayesian analysis of risk perceptions," Economics Letters, Elsevier, vol. 23(4), pages 359-364.
  11. Smith, V Kerry & Johnson, F Reed, 1988. "How Do Risk Perceptions Respond to Information? The Case of Radon," The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 1-8, February.
  12. Jon Elster, 1998. "Emotions and Economic Theory," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 47-74, March.
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Cited by:
  1. Olaf J. de Groot & Konstantinos Drakos & Cathérine Müller, 2011. "How Rational Is the Response of Individuals to the Threat of Terrorism in Europe?," EUSECON Policy Briefing 9, DIW Berlin, German Institute for Economic Research.
  2. Michael Brzoska & Raphael Bossong & Eric van Um, 2011. "Security Economics in the European Context: Implications of the EUSECON Project," Economics of Security Working Paper Series 58, DIW Berlin, German Institute for Economic Research.

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