Podcast
Questions and Answers
What is the main difference between risk and uncertainty?
What is the main difference between risk and uncertainty?
- Risk involves knowing the probabilities of outcomes, while uncertainty does not involve attaching probabilities to outcomes. (correct)
- Uncertainty involves knowing the probabilities of outcomes, while risk does not involve attaching probabilities to outcomes.
- Risk and uncertainty both involve attaching probabilities to outcomes, but in different ways.
- Risk and uncertainty are the same and can be used interchangeably.
What influences risk perception according to the text?
What influences risk perception according to the text?
- Biases, shocks, and individual characteristics (correct)
- Only biases
- Only shocks
- Only individual characteristics
What is an example of how biases influence risk perception?
What is an example of how biases influence risk perception?
- Belief that risks can be controlled by own behavior
- Only acquiring info that confirms the hypothesis, without checking the falsifying cases (correct)
- Consent heuristic
- Believing that risks cannot be controlled by own behavior
How does gender influence risk perceptions according to the text?
How does gender influence risk perceptions according to the text?
What is an example of how shocks influence risk perception according to the text?
What is an example of how shocks influence risk perception according to the text?
Risk - don’t know what will happen, but can attach probabilities to the outcomes o Example: Digging for oil in an explored area - the estimated chance of finding oil when digging down in the specific area is 0.6 (not finding - 0.4) Uncertainty - don’t know what will happen, but can’t attach probabilities to the outcomes o Example: Digging for oil in an unexplored area - no estimated chance, it is just possible to find or not to find oil Are risk perceptions the result of ______.
Risk - don’t know what will happen, but can attach probabilities to the outcomes o Example: Digging for oil in an explored area - the estimated chance of finding oil when digging down in the specific area is 0.6 (not finding - 0.4) Uncertainty - don’t know what will happen, but can’t attach probabilities to the outcomes o Example: Digging for oil in an unexplored area - no estimated chance, it is just possible to find or not to find oil Are risk perceptions the result of ______.
How biases influence risk perception: confirmation bias (only acquiring info that confirms the hypothesis, without checking the falsifying cases), consent heuristic (leads people to adopt the common/majority point of view even if wrong), illusion of control (believing that risks can be controlled by own behaviour) optimistic and pessimistic ______.
How biases influence risk perception: confirmation bias (only acquiring info that confirms the hypothesis, without checking the falsifying cases), consent heuristic (leads people to adopt the common/majority point of view even if wrong), illusion of control (believing that risks can be controlled by own behaviour) optimistic and pessimistic ______.
Example: Mexican drug war - when local crime rates grew, people perceived themselves to be at a higher risk of falling victim to ______.
Example: Mexican drug war - when local crime rates grew, people perceived themselves to be at a higher risk of falling victim to ______.
How does risk vary with individual ______.
How does risk vary with individual ______.
Example: gender influences risk perceptions, females tend to rate risk higher than ______.
Example: gender influences risk perceptions, females tend to rate risk higher than ______.
What is the difference between risk and uncertainty?
What is the difference between risk and uncertainty?
How do biases influence risk perception?
How do biases influence risk perception?
Give an example of how shocks influence risk perception.
Give an example of how shocks influence risk perception.
How does gender influence risk perceptions?
How does gender influence risk perceptions?
What is an example of how individual characteristics influence risk perception?
What is an example of how individual characteristics influence risk perception?
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Study Notes
Risk and Uncertainty
- Risk: don't know what will happen, but can attach probabilities to the outcomes
- Example: digging for oil in an explored area, with an estimated chance of finding oil as 0.6 (not finding: 0.4)
- Uncertainty: don't know what will happen, but can't attach probabilities to the outcomes
- Example: digging for oil in an unexplored area, with no estimated chance of finding oil
Influences on Risk Perception
- Biases: confirmation bias, consent heuristic, illusion of control
- Example: Mexican drug war, where people perceived themselves to be at a higher risk of falling victim to crime when local crime rates grew
- Individual characteristics: optimistic and pessimistic tendencies
- Example: gender influences risk perceptions, with females tend to rate risk higher than males
Biases and Risk Perception
- Biases influence risk perception by distorting reality
- Confirmation bias: only acquiring information that confirms the hypothesis, without checking the falsifying cases
- Consent heuristic: leads people to adopt the common/majority point of view even if wrong
- Illusion of control: believing that risks can be controlled by own behavior
Shocks and Risk Perception
- Shocks influence risk perception by increasing perceived risk
- Example: Mexican drug war, where people perceived themselves to be at a higher risk of falling victim to crime when local crime rates grew
Individual Characteristics and Risk Perception
- Individual characteristics influence risk perception
- Example: gender influences risk perceptions, with females tend to rate risk higher than males
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