Divergence between individual perceptions and objective indicators of tail risks: Evidence from floodplain residents in New York City
Abstract
This study provides the first comprehensive analysis of individual perceptions of tail risks. It focuses not only on the probability, as has been studied by Nicholas Barberis and others, but also on anticipation of damage. We examine how those perceptions relate to experts’ estimates and publicly available risk information. Behavioural factors—availability bias, threshold models of choice, worry and trust—are found to have a significant impact...
Paper Details
Title
Divergence between individual perceptions and objective indicators of tail risks: Evidence from floodplain residents in New York City
Published Date
Jul 1, 2015
Journal
Volume
10
Issue
4
Pages
365 - 385
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Notes
History