Strength of belief and risk

Abstract

The purpose of this paper is to review work on subjective probability and strength of belief, in particular with reference to situations involving a high degree of risk. Work concerned mostly with cognitive limitations and shortcomings is discussed and some implications for societal responses to risky technology are offered. It is concluded that there is, in the literature on subjective probability, a lack of work on small probabilities and on the emotional influence of belief formation to be expected in situations that are related to large social values.