Descriptive models of perceived risk
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.