A Hint of Risk: Tradeoffs Between Quantitative and Qualitative Risk Factors
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TL;DR
The results of two experiments that measure tradeoffs among cost, a quantitative risk measure, and several qualitative characteristics associated with perceived risk show that most subjects were willing to make the requested trade.
Abstract
Risk-perception research plays an active role in discussion 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.