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Published in:
1993 | OriginalPaper | Chapter
‘Catastrophiness’ of Physical Risks
Author : Dr. Immo Querner
Published in: An Economic Analysis of Severe Industrial Hazards
Publisher: Physica-Verlag HD
Included in: Professional Book Archive
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As mentioned in the introduction, it has been established for a long time (see e.g. J. Ferreira (jr.) and L. Slesin [1976]) that, generally speaking, people display the following physical risk preference-pattern: They ‘prefer’ the prospect of comparatively likely accidents entailing only a few fatalities to the prospect of unlikely accidents entailing many fatalities, given the ex ante expected number of fatalities and thus the individual death probability is equal in both cases.