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

Elke U. Weber

doi:10.1093/0199273391.003.0003

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

Elke U. Weber

Research output: Chapter in Book/Report/Conference proceeding › Chapter

1 Scopus citations

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 language	English (US)
Title of host publication	Pension Design and Structure
Subtitle of host publication	New Lessons from Behavioral Finance
Publisher	Oxford University Press
ISBN (Print)	0199273391, 9780199273393
DOIs	https://doi.org/10.1093/0199273391.003.0003
State	Published - Jan 1 2005
Externally published	Yes

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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10.1093/0199273391.003.0003

Cite this

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AB - 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.

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KW - Retirement planning

KW - Risk management

KW - Risk perception

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ER -

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

Abstract

All Science Journal Classification (ASJC) codes

Keywords

Access to Document

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