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Dynamics in risk taking with a low-probability hazard
In: Journal of risk and uncertainty, Band 55, Heft 1, S. 41-69
ISSN: 1573-0476
Dynamics in Risk Taking with a Low-Probability Hazard
In: Resources for the Future Discussion Paper 16-47
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Working paper
Flood Risk Perceptions and Insurance Choice: Do Decisions in the Floodplain Reflect Overoptimism?
In: Risk analysis: an international journal, Band 39, Heft 5, S. 1088-1104
ISSN: 1539-6924
AbstractIn the presence of rare disasters, risk perceptions may not always align with actual risks. These perceptions can nevertheless influence an individual's willingness to mitigate risks through activities such as purchasing flood insurance. In a survey of Maryland floodplain residents, we find that stated risk perceptions predict voluntary flood insurance take‐up, while perceptions themselves varied widely among surveyed residents, owing in large part to differences in past flood experience. We use a formal test for overoptimism in risk perceptions and find that, on aggregate, floodplain residents are overly optimistic about flood risks.
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