Who's Afraid of a Poor Old Age? Risk Perception in Risk Management Decisions

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This chapter argues that the lack of any visceral perception of risk or danger is the main obstacle to the retirement savings. It reviews theory and empirical evidence to document two claims: that affect is the wellspring of action; and that perceived risk, particularly visceral reactions to risky situations, has little correspondence to other measures of risk. It concludes by considering the implications of psychological models of decisionmaking for designing procedures or institutions that improve on the current situation.

Original languageEnglish (US)
Title of host publicationPension Design and Structure
Subtitle of host publicationNew Lessons from Behavioral Finance
PublisherOxford University Press
ISBN (Print)0199273391, 9780199273393
DOIs
StatePublished - Jan 1 2005

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)

Keywords

  • Decisionmaking
  • Pension saving
  • Retirement planning
  • Risk management
  • Risk perception

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  • Cite this

    Weber, E. U. (2005). Who's Afraid of a Poor Old Age? Risk Perception in Risk Management Decisions. In Pension Design and Structure: New Lessons from Behavioral Finance Oxford University Press. https://doi.org/10.1093/0199273391.003.0003