Question

Theory and Practice in Policy Analysis, Chapter 13:

"Risk" is another area where people don't always seem to act rationally. If we think about "risk to our lives", it would make sense for people to act in ways that reduce that risk as much as possible (or maybe as much as they can afford). But we have observed that people do not actually do this: the same person that is afraid to fly on a plane might zoom around all day on a motorcycle without a helmet. We have learned that there seem to be features of a risk that make it more or less acceptable to people. And this raises more important questions, like whether we ought to be making decisions that reduce actual risks or making decisions that reduce the risks that are most concerning to people.

Answer the questions below:

What do experts and laypeople mean when they talk about risk?

Is one group right and the other one wrong or is this just an issue of communication?

What properties of a risk affect a person's judgment of its magnitude?

Should policy focus on reducing mathematical risk, perceived risk, or some combination of both?