This paper reports the first comparison of subjective and technical risk estimates for a real source of risk, exposure to radon. The analysis also considers the effects of the information framing for this comparison of risk estimates. The results suggest that the framing of the risk explanations does affect how individuals adjusted their subjective risk perceptions in response to differences in the amount and duration of their radon exposures. Thus, our findings support the need to describe the role of cognitive factors involved in processing risk information within economic models of the formation of risk perceptions.
ASJC Scopus subject areas
- Economics and Econometrics