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A Hint of Risk: Tradeoffs Between Quantitative and Qualitative Risk Factors
Author(s) -
Gregory Robin,
Lichtenstein Sarah
Publication year - 1994
Publication title -
risk analysis
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.972
H-Index - 130
eISSN - 1539-6924
pISSN - 0272-4332
DOI - 10.1111/j.1539-6924.1994.tb00045.x
Subject(s) - risk perception , risk analysis (engineering) , measure (data warehouse) , factor analysis of information risk , actuarial science , risk management , risk assessment , perception , qualitative research , business , psychology , computer science , engineering , computer security , risk management information systems , finance , information system , data mining , sociology , management information systems , social science , neuroscience , electrical engineering
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.