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How Do People Evaluate Risk Reduction When They Are Told Zero Risk Is Impossible?

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  • Kazuya Nakayachi

Abstract

Two studies examined how people evaluate risk reduction when they believe zero risk to be impossible. Measures collected were willingness to pay (WTP) for risk reduction, and degree of trust in the risk management agency. The findings from the combined studies are: (1) participants were more willing to pay a higher amount for the same reduction in risk in the “zero risk possible” than in the “zero risk impossible” condition; and (2) people's trust in the risk management agency did not differ between the “zero risk impossible” and “zero risk possible” conditions. These results suggest that it might be viable for agencies to accurately communicate the unattainability of zero risk without suffering a loss in public faith or trust, and thus that excessive expenditure for risk reduction might be prevented.

Suggested Citation

  • Kazuya Nakayachi, 1998. "How Do People Evaluate Risk Reduction When They Are Told Zero Risk Is Impossible?," Risk Analysis, John Wiley & Sons, vol. 18(3), pages 235-242, June.
  • Handle: RePEc:wly:riskan:v:18:y:1998:i:3:p:235-242
    DOI: 10.1111/j.1539-6924.1998.tb01290.x
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    References listed on IDEAS

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    1. Paul Slovic, 1993. "Perceived Risk, Trust, and Democracy," Risk Analysis, John Wiley & Sons, vol. 13(6), pages 675-682, December.
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    Cited by:

    1. Guofang Zhai & Takeshi Suzuki, 2008. "Effects of Risk Representation and Scope on Willingness to Pay for Reduced Risks: Evidence from Tokyo Bay, Japan," Risk Analysis, John Wiley & Sons, vol. 28(2), pages 513-522, April.

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