Descriptive models of perceived risk
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Authors
Wang, Yitong
Keller, L. Robin
Simon, Jay
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2010
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Abstract
Risk plays a central role in decision making. Accordingly, risk has been a popular research topic for more than four decades. Finding a generic definition of risk is hard, since this term is used in many areas such as economics, political science, management science, and medical research. However, one thing in common is that risk is always related to both the negative outcomes and uncertainty. In addition, we know that risk is normally subjective and constructed by a human’s perception process. But indeed how do people perceive risks? Is there any model capable of describing this procedure and predicting people’s perceived risk? In this article, we focus on empirical studies of perceived risk.
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Wiley Encyclopedia of Operations Research and Management Science, edited by James J. Cochran, 2010 John Wiley & Sons, Inc.
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This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.