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Mortality Risk Perceptions: A Bayesian Reassessment
Authors:Hakes  Jahn  Viscusi  W. Kip
Affiliation:1. Program on Empirical Legal Studies, Harvard Law School, USA
2. Program on Empirical Legal Studies, Harvard Law School, USA
Abstract:"This study uses data on perceived and actual mortality risks to test several alternative Bayesian models of the factors influencing risk beliefs. The analysis...indicates that while the hazard rate for the individual age group is an influential factor, the overall population death rate and the discounted expected number of life years lost due to the cause of death are also influential in affecting risk perceptions.... The predictive power of a linear perception model increases with the level of the risk and is least accurate for very small risks."
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