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Developing a Broadly Applicable Measure of Risk Perception

Author

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  • Robyn S. Wilson
  • Adam Zwickle
  • Hugh Walpole
Abstract
Decades of research identify risk perception as a largely intuitive and affective construct, in contrast to the more deliberative assessments of probability and consequences that form the foundation of risk assessment. However, a review of the literature reveals that many of the risk perception measures employed in survey research with human subjects are either generic in nature, not capturing any particular affective, probabilistic, or consequential dimension of risk; or focused solely on judgments of probability. The goal of this research was to assess a multidimensional measure of risk perception across multiple hazards to identify a measure that will be broadly useful for assessing perceived risk moving forward. Our results support the idea of risk perception being multidimensional, but largely a function of individual affective reactions to the hazard. We also find that our measure of risk perception holds across multiple types of hazards, ranging from those that are behavioral in nature (e.g., health and safety behaviors), to those that are technological (e.g., pollution), or natural (e.g., extreme weather). We suggest that a general, unidimensional measure of risk may accurately capture one's perception of the severity of the consequences, and the discrete emotions that are felt in response to those potential consequences. However, such a measure is not likely to capture the perceived probability of experiencing the outcomes, nor will it be as useful at understanding one's motivation to take mitigation action.

Suggested Citation

  • Robyn S. Wilson & Adam Zwickle & Hugh Walpole, 2019. "Developing a Broadly Applicable Measure of Risk Perception," Risk Analysis, John Wiley & Sons, vol. 39(4), pages 777-791, April.
    • Handle: RePEc:wly:riskan:v:39:y:2019:i:4:p:777-791
    DOI: 10.1111/risa.13207
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    References listed on IDEAS

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    2. Li, Guowen & Jing, Zhongbo & Li, Jingyu & Feng, Yuyao, 2023. "Drivers of risk correlation among financial institutions: A study based on a textual risk disclosure perspective," Economic Modelling, Elsevier, vol. 128(C).
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