No abstract is provided for this article.
The perception of the potential risk arising from human exposure to 50/60 Hz electric and magnetic fields was studied with a quasi‐random sample of 116 well‐educated, opinion leaders using the risk perception framework previously developed by Slovic, Fischhoff, and Lichtenstein. These individuals rated exposure to fields from transmission lines and electric blankets on a variety of scales that have been found useful in characterizing people's risk attitudes and perceptions. These judgments allowed us to conjecture about the likely desire for regulation of these potential hazards and the likely response to a publicized problem (e.g., an accident or ominous research finding) involving these two sources of exposure. Various forms of detailed information about 50/60 Hz fields were supplied to respondents. The provision of information produced modest, but statistically significant, changes in perceptions in the direction of greater concern about the risks. In response to questions of public policy, participants desired modest regulatory control of field exposure from transmission lines and little or no control of field exposure from appliances like electric blankets.
Traditional theories of finance posit that the pricing of securities in financial markets should be done according to the quality of their underlying technical fundamentals. However, research on financial markets has tended to indicate that factors other than technical fundamentals are often used by market participants to gauge the value of securities. This phenomenon may be quite prevalent in markets for initial public offerings (IPSs), where securities lack a financial history. The imagery and affect associated with securities can be a powerful basis upon which to judge their worth. Advanced business students in a securities analysis course were asked to evaluate a number of industry groups represented on the New York Stock Exchange in terms of a set of judgmental variables. After providing imagery and affective evaluations for each industry group, the participants judged the likelihood that they would invest in companies associated with each industry. Imagery and affective ratings were highly correlated with one another and with the likelihood of investing. Judgments of performance correlated poorly to moderately with actual market performance as measured by weighted average returns for the industry groups studied. The results suggest that imagery and affect are part of a coherent psychological framework for evaluating classes of securities, but that framework may have low validity for predicting performance.
No abstract is provided for this article.
We examine how affect and accessible thoughts following a major natural disaster influence everyday risk perception. A survey was conducted in the months following the 2004 south Asian Tsunami in a representative sample of the Swedish population ( N = 733). Respondents rated their experienced affect as well as the perceived risk and benefits of various everyday decision domains. Affect influenced risk and benefit perception in a way that could be predicted from both the affect‐congruency and affect heuristic literatures (increased risk perception and stronger risk‐benefit correlations). However, in some decision domains, self‐regulation goals primed by the natural disaster predicted risk and benefit ratings. Together, these results show that affect, accessible thoughts and motivational states influence perceptions of risks and benefits.
It has been argued that presenting uncertainty in environmental health risk estimates may increase citizens' risk knowledge and trust in the honesty and competence of the institutions providing such estimates; on the other hand, careless communication could have undesirable results. Reported here is a study of how American laypeople think about uncertainty in risk assessment, and its implications for risk management, extending earlier experimental research (Johnson and Slovic, 1995). A long closedended questionnaire (based in part on qualitative research) was given to 280 Eugene, Oregon, residents (largely college students). Uncertainty was presented in the form of a range of risk estimates, primarily in a hypothetical case of a chemical in drinking water. The findings suggest that it will be a challenge to present uncertainty in environmental health risk estimates to the public in ways that inform, rather than confuse or outrage, this important audience.
No abstract is provided for this article.
Subjects in 3 experiments chose their preferred bet from pairs of bets, and later bid for each bet separately.In each pair, one bet had a higher probability of winnirig.(Pbet); the other offered more to win (S bet).Bidding method (selling vs. buying) and payoff method (realplay vs. hourly wage) were varied.Results showed that when the P bet was chosen, the$ bet o~en received a higher bid.These inconsistencies violate every risky decision model, but can be understood via informationprocessing considerations.In bidding, S starts with amount to win and adjusts it downward to account for other attributes of the bet.In choosing, there is no natural starting point.Thus amount to win dominates , bids but not choices.One need not call this behavior irrational, but it casts doubt on the descriptive validity of expected utility models of risky decision making.
No abstract is provided for this article.
Studies of the psychology of hindsight have shown that reporting the outcome of a historical event increases the perceived likelihood of that outcome. Three experiments show that similar hindsight effects occur when people evaluate the predictability of scientific results—they tend to believe they knew all along what the experiments would find. However, the hindsight effect was reduced by forcing people to consider how the research could otherwise have turned out. Implications for the evaluation of scientific research by lay observers are discussed.
Perceived risk can be characterized as a battleground marked by strong and conflicting views about the nature and seriousness of the risks of modern life. The paradox for those who study risk perception is that, as people in many industrialized nations have become...
Some analysts suggest that discussing uncertainties in health risk assessments might reduce citizens’perceptions of risk and increase their respect for the risk‐assessing agency. We tested this assumption with simulated news stories varying simple displays of uncertainty (e.g., a range of risk estimates, with and without graphics). Subjects from Eugene, Oregon, read one story each, and then answered a questionnaire. Three studies tested between 180 and 272 subjects each. Two focus groups obtained more detailed responses to these stories. The results suggested that (1) people are unfamiliar with uncertainty in risk assessments and in science; (2) people may recognize uncertainty when it is presented simply; (3) graphics may help people recognize uncertainty; (4) reactions to the environmental problems in the stories seemed affected less by presentation of uncertainty than by general risk attitudes and perceptions; (5) agency discussion of uncertainty in risk estimates may signal agency honesty and agency incompetence for some people; and (6) people seem to see lower risk estimates (10 ‐6 , as opposed to 10 ‐3 ) as less credible. These findings, if confirmed, would have important implications for risk communication.