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The Role of Personal Experience in Contributing to Different Patterns of Response to Rare Terrorist Attacks

Author

Listed:
  • Eldad Yechiam

    (Department of Psychology, Indiana University)

  • Greg Barron

    (Harvard Business School)

  • Ido Erev

    (Department of Industrial Engineering and Management, Technion—Israel Institute of Technology)

Abstract

An examination of the behavioral effect of repeated terrorist attacks reveals that local residents (of the attacked area) appear to be much less sensitive to this risk than international tourists. Furthermore, the limited sensitivity on the part of local residents seems to diminish with time, even when the attacks continue. An experimental study shows a similar pattern in a laboratory experiment that focuses on a basic decision task: when making a single decision based on a description of the problem, people tend to be more risk averse. Personal experience with the problem reduces this sensitivity. These results highlight an interesting relationship between basic decision-making research and the study of the response to traumatic events.

Suggested Citation

  • Eldad Yechiam & Greg Barron & Ido Erev, 2005. "The Role of Personal Experience in Contributing to Different Patterns of Response to Rare Terrorist Attacks," Journal of Conflict Resolution, Peace Science Society (International), vol. 49(3), pages 430-439, June.
    • Handle: RePEc:sae:jocore:v:49:y:2005:i:3:p:430-439
    DOI: 10.1177/0022002704270847
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    References listed on IDEAS

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    1. Konstantinos Drakos & Ali M. Kutan, 2003. "Regional Effects of Terrorism on Tourism in Three Mediterranean Countries," Journal of Conflict Resolution, Peace Science Society (International), vol. 47(5), pages 621-641, October.
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    Cited by:

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    2. Feng, Xunan & Johansson, Anders C., 2018. "Living through the Great Chinese Famine: Early-life experiences and managerial decisions," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 638-657.
    3. Elster, Yael, 2019. "Rockets and votes," Journal of Economic Behavior & Organization, Elsevier, vol. 166(C), pages 767-784.
    4. Hohnisch, M. & Pittnauer, S. & Selten, R. & Pfingsten, A. & Eraßmy, J., 2014. "Gender differences in decisions under profound uncertainty are non-robust to the availability of information on equally informed others’ decisions," Journal of Economic Behavior & Organization, Elsevier, vol. 108(C), pages 40-58.
    5. Anat Bracha & Elke U. Weber, 2012. "A psychological perspective of financial panic," Public Policy Discussion Paper 12-7, Federal Reserve Bank of Boston.
    6. Peter Ayton & Samantha Murray & James A. Hampton, 2019. "Terrorism, dread risk and bicycle accidents," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 14(3), pages 280-287, May.
    7. Barron, Greg & Ursino, Giovanni, 2013. "Underweighting rare events in experience based decisions: Beyond sample error," Journal of Economic Psychology, Elsevier, vol. 39(C), pages 278-286.
    8. Camilleri, Adrian R. & Newell, Ben R., 2019. "Better calibration when predicting from experience (rather than description)," Organizational Behavior and Human Decision Processes, Elsevier, vol. 150(C), pages 62-82.
    9. Corbet, Shaen & O’Connell, John F. & Efthymiou, Marina & Guiomard, Cathal & Lucey, Brian, 2019. "The impact of terrorism on European tourism," Annals of Tourism Research, Elsevier, vol. 75(C), pages 1-17.
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    11. Mittone, Luigi & Saredi, Viola, 2016. "Commitment to tax compliance: Timing effect on willingness to evade," Journal of Economic Psychology, Elsevier, vol. 53(C), pages 99-117.

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