메뉴 건너뛰기




Volumn 82, Issue 1, 2012, Pages 151-166

Risk attitudes to low-probability climate change risks: WTP for flood insurance

Author keywords

Contingent valuation; Flood insurance demand; Prospect theory; Risk aversion; Risk ladders; Risk perceptions

Indexed keywords


EID: 84857298918     PISSN: 01672681     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jebo.2012.01.005     Document Type: Article
Times cited : (220)

References (87)
  • 1
    • 38549139136 scopus 로고    scopus 로고
    • Loss aversion under prospect theory: a parameter-free measurement
    • Abdellaoui M., Bleichrodt H., Paraschiv C. Loss aversion under prospect theory: a parameter-free measurement. Management Science 2007, 53:1659-1674.
    • (2007) Management Science , vol.53 , pp. 1659-1674
    • Abdellaoui, M.1    Bleichrodt, H.2    Paraschiv, C.3
  • 2
    • 80955179044 scopus 로고    scopus 로고
    • Climate change impacts on pricing long-term flood insurance: a comprehensive study for the Netherlands
    • Aerts J.C.J.H., Botzen W.J.W. Climate change impacts on pricing long-term flood insurance: a comprehensive study for the Netherlands. Global Environmental Change 2011, 21:1045-1060.
    • (2011) Global Environmental Change , vol.21 , pp. 1045-1060
    • Aerts, J.C.J.H.1    Botzen, W.J.W.2
  • 7
    • 85009591346 scopus 로고    scopus 로고
    • Flood risk perception and implications for flood risk management in the Netherlands
    • Baan P.J.A., Klijn F. Flood risk perception and implications for flood risk management in the Netherlands. International Journal of River Basin Management 2004, 2:113-122.
    • (2004) International Journal of River Basin Management , vol.2 , pp. 113-122
    • Baan, P.J.A.1    Klijn, F.2
  • 8
    • 84861894555 scopus 로고    scopus 로고
    • Preference parameters and behavioral heterogeneity: an experimental approach in the health and retirement study
    • Barsky R.B., Juster F.T., Kimball M.S., Shapiro M.D. Preference parameters and behavioral heterogeneity: an experimental approach in the health and retirement study. Quarterly Journal of Economics 1997, 84:488-500.
    • (1997) Quarterly Journal of Economics , vol.84 , pp. 488-500
    • Barsky, R.B.1    Juster, F.T.2    Kimball, M.S.3    Shapiro, M.D.4
  • 15
    • 42249109025 scopus 로고    scopus 로고
    • Insurance against climate change and flooding in the Netherlands: present, future and comparison with other countries
    • Botzen W.J.W., van den Bergh J.C.J.M. Insurance against climate change and flooding in the Netherlands: present, future and comparison with other countries. Risk Analysis 2008, 28:413-426.
    • (2008) Risk Analysis , vol.28 , pp. 413-426
    • Botzen, W.J.W.1    van den Bergh, J.C.J.M.2
  • 16
    • 65649097097 scopus 로고    scopus 로고
    • Bounded rationality, climate risks and insurance: is there a market for natural disasters?
    • Botzen W.J.W., van den Bergh J.C.J.M. Bounded rationality, climate risks and insurance: is there a market for natural disasters?. Land Economics 2009, 85:265-278.
    • (2009) Land Economics , vol.85 , pp. 265-278
    • Botzen, W.J.W.1    van den Bergh, J.C.J.M.2
  • 17
    • 84861881369 scopus 로고    scopus 로고
    • Report on a survey about perceptions of flood risk, willingness to pay for flood insurance, and willingness to undertake mitigation measures. Explanation of the survey instrument
    • Botzen, W.J.W., van den Bergh, J.C.J.M., Aerts, J.C.J.H., 2008. Report on a survey about perceptions of flood risk, willingness to pay for flood insurance, and willingness to undertake mitigation measures. Explanation of the survey instrument. http://ivm45%20.ivm.vu.nl/adaptation/project/files/File/NCIP/Botzen%20vdBergh%20Aer%20ts-Report%20Survey%20perc%20flood%20risk.pdf.
    • (2008)
    • Botzen, W.J.W.1    van den Bergh, J.C.J.M.2    Aerts, J.C.J.H.3
  • 18
    • 21344437031 scopus 로고    scopus 로고
    • Public perceptions of flood risk, flood forecasting and mitigation
    • Brilly M., Polic M. Public perceptions of flood risk, flood forecasting and mitigation. Natural Hazards and Earth System Sciences 2005, 5:345-355.
    • (2005) Natural Hazards and Earth System Sciences , vol.5 , pp. 345-355
    • Brilly, M.1    Polic, M.2
  • 19
    • 67749147107 scopus 로고    scopus 로고
    • Economic valuation of flood risk exposure and reduction in a severely flood prone developing country
    • Brouwer R., Akter S., Brander L., Haque E. Economic valuation of flood risk exposure and reduction in a severely flood prone developing country. Environment and Development Economics 2008, 14:397-417.
    • (2008) Environment and Development Economics , vol.14 , pp. 397-417
    • Brouwer, R.1    Akter, S.2    Brander, L.3    Haque, E.4
  • 20
    • 15244342276 scopus 로고    scopus 로고
    • Updating subjective risks in the presence of conflicting information: an application to climate change
    • Cameron T.A Updating subjective risks in the presence of conflicting information: an application to climate change. Journal of Risk and Uncertainty 2005, 30:63-97.
    • (2005) Journal of Risk and Uncertainty , vol.30 , pp. 63-97
    • Cameron, T.A.1
  • 25
    • 0032191539 scopus 로고    scopus 로고
    • Evaluating risk communication: examining target audience perceptions about four presentation formats for fish consumption health advisory information
    • Connelly N.A., Knuth B. Evaluating risk communication: examining target audience perceptions about four presentation formats for fish consumption health advisory information. Risk Analysis 1998, 18:649-659.
    • (1998) Risk Analysis , vol.18 , pp. 649-659
    • Connelly, N.A.1    Knuth, B.2
  • 26
    • 0035602365 scopus 로고    scopus 로고
    • Valuing mortality-risk reduction: using visual aids to improve the validity of contingent valuation
    • Corso P.S., Hammitt J.K., Graham J.D. Valuing mortality-risk reduction: using visual aids to improve the validity of contingent valuation. Journal of Risk and Uncertainty 2001, 23:165-184.
    • (2001) Journal of Risk and Uncertainty , vol.23 , pp. 165-184
    • Corso, P.S.1    Hammitt, J.K.2    Graham, J.D.3
  • 29
    • 38349117121 scopus 로고    scopus 로고
    • Measuring revisions to subjective expectations
    • Delavande A. Measuring revisions to subjective expectations. Journal of Risk and Uncertainty 2008, 36:43-82.
    • (2008) Journal of Risk and Uncertainty , vol.36 , pp. 43-82
    • Delavande, A.1
  • 30
    • 61849175438 scopus 로고    scopus 로고
    • How near-misses influence decision making under risk: a missed opportunity for learning
    • Dillon R.L., Tinsley C.H. How near-misses influence decision making under risk: a missed opportunity for learning. Management Science 2008, 54:1425-1440.
    • (2008) Management Science , vol.54 , pp. 1425-1440
    • Dillon, R.L.1    Tinsley, C.H.2
  • 32
    • 77957254133 scopus 로고    scopus 로고
    • Optimal portfolio choice when utility depends on health
    • Edwards R.D Optimal portfolio choice when utility depends on health. International Journal of Economic Theory 2010, 6:205-225.
    • (2010) International Journal of Economic Theory , vol.6 , pp. 205-225
    • Edwards, R.D.1
  • 33
    • 25844499944 scopus 로고    scopus 로고
    • Subjective probability assessment in decision analysis: partition dependence and bias toward the ignorance prior
    • Fox C.R., Clemen R.T. Subjective probability assessment in decision analysis: partition dependence and bias toward the ignorance prior. Management Science 2005, 51:1417-1432.
    • (2005) Management Science , vol.51 , pp. 1417-1432
    • Fox, C.R.1    Clemen, R.T.2
  • 35
    • 0025180206 scopus 로고
    • Risk perceptions and food choice: an exploratory analysis of organic-versus conventional-produce buyers
    • Hammitt J.K. Risk perceptions and food choice: an exploratory analysis of organic-versus conventional-produce buyers. Risk Analysis 1990, 10:367-374.
    • (1990) Risk Analysis , vol.10 , pp. 367-374
    • Hammitt, J.K.1
  • 36
    • 22644452164 scopus 로고    scopus 로고
    • Willingness to pay for health protection: inadequate sensitivity to probability?
    • Hammitt J.K., Graham J.D. Willingness to pay for health protection: inadequate sensitivity to probability?. Journal of Risk and Uncertainty 1999, 18:33-62.
    • (1999) Journal of Risk and Uncertainty , vol.18 , pp. 33-62
    • Hammitt, J.K.1    Graham, J.D.2
  • 38
    • 0037756148 scopus 로고    scopus 로고
    • Risk aversion and incentive effects
    • Holt C.A., Laury S.K. Risk aversion and incentive effects. American Economic Review 2002, 95:1644-1655.
    • (2002) American Economic Review , vol.95 , pp. 1644-1655
    • Holt, C.A.1    Laury, S.K.2
  • 39
    • 40549137733 scopus 로고    scopus 로고
    • Cancer premiums and latency effects: a risk tradeoff approach for valuing reductions in fatal cancer risks
    • Houtven van G., Sullivan M.B., Dockins C. Cancer premiums and latency effects: a risk tradeoff approach for valuing reductions in fatal cancer risks. Journal of Risk and Uncertainty 2008, 36:179-199.
    • (2008) Journal of Risk and Uncertainty , vol.36 , pp. 179-199
    • Houtven van, G.1    Sullivan, M.B.2    Dockins, C.3
  • 45
    • 0000125532 scopus 로고
    • Prospect theory: an analysis of decision under risk
    • Kahneman D., Tversky A. Prospect theory: an analysis of decision under risk. Econometrica 1979, 47:263-291.
    • (1979) Econometrica , vol.47 , pp. 263-291
    • Kahneman, D.1    Tversky, A.2
  • 46
    • 0003768818 scopus 로고
    • Cambridge University Press, Cambridge, D. Kahneman, P. Slovic, A. Tversky (Eds.)
    • Judgment under Uncertainty: Heuristics and Biases 1982, Cambridge University Press, Cambridge. D. Kahneman, P. Slovic, A. Tversky (Eds.).
    • (1982) Judgment under Uncertainty: Heuristics and Biases
  • 48
    • 77958113927 scopus 로고    scopus 로고
    • Improving flood insurance and flood risk management: Insights from St. Louis, Missouri
    • Kousky C., Kunreuther H. Improving flood insurance and flood risk management: Insights from St. Louis, Missouri. Natural Hazards Review 2009, 11:162-172.
    • (2009) Natural Hazards Review , vol.11 , pp. 162-172
    • Kousky, C.1    Kunreuther, H.2
  • 50
    • 4744355644 scopus 로고    scopus 로고
    • Participation in the National Flood Insurance Program: an empirical analysis for coastal properties
    • Kriesel W., Landry C. Participation in the National Flood Insurance Program: an empirical analysis for coastal properties. Journal of Risk and Insurance 2004, 71:405-420.
    • (2004) Journal of Risk and Insurance , vol.71 , pp. 405-420
    • Kriesel, W.1    Landry, C.2
  • 54
    • 3543037053 scopus 로고    scopus 로고
    • Neglecting disaster: why don't people insure against large losses?
    • Kunreuther H.C., Pauly M. Neglecting disaster: why don't people insure against large losses?. Journal of Risk and Uncertainty 2004, 28:5-21.
    • (2004) Journal of Risk and Uncertainty , vol.28 , pp. 5-21
    • Kunreuther, H.C.1    Pauly, M.2
  • 56
    • 21144464886 scopus 로고
    • Insurance for low-probability hazards: a bimodal response to unlikely events
    • McClelland G.H., Schulze W.D., Coursey D.L. Insurance for low-probability hazards: a bimodal response to unlikely events. Journal of Risk Uncertainty 1993, 7:95-116.
    • (1993) Journal of Risk Uncertainty , vol.7 , pp. 95-116
    • McClelland, G.H.1    Schulze, W.D.2    Coursey, D.L.3
  • 57
    • 77953727834 scopus 로고    scopus 로고
    • Come rain or shine: evidence on flood insurance purchase in Florida
    • Michel-Kerjan E.O, Kousky C. Come rain or shine: evidence on flood insurance purchase in Florida. Journal of Risk and Insurance 2010, 77:369-397.
    • (2010) Journal of Risk and Insurance , vol.77 , pp. 369-397
    • Michel-Kerjan, E.O.1    Kousky, C.2
  • 60
    • 84980239658 scopus 로고
    • A note on the existence of a competitive optimum
    • Quiggin J. A note on the existence of a competitive optimum. Economic Record 1982, 55:174-176.
    • (1982) Economic Record , vol.55 , pp. 174-176
    • Quiggin, J.1
  • 61
    • 33745056604 scopus 로고    scopus 로고
    • RVWS, VROM-R. Raad voor Verkeer en Waterstaat and VROM-Raad, Den Haag
    • RVWS, VROM-R Verantwoorde Risico's, Veilige Ruimte 2003, Raad voor Verkeer en Waterstaat and VROM-Raad, Den Haag.
    • (2003) Verantwoorde Risico's, Veilige Ruimte
  • 62
    • 38849152926 scopus 로고    scopus 로고
    • Risk aversion in cumulative prospect theory
    • Schmidt U., Zank H. Risk aversion in cumulative prospect theory. Management Science 2008, 54:208-216.
    • (2008) Management Science , vol.54 , pp. 208-216
    • Schmidt, U.1    Zank, H.2
  • 66
    • 0000268935 scopus 로고    scopus 로고
    • Developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk
    • Starmer C. Developments in non-expected utility theory: the hunt for a descriptive theory of choice under risk. Journal of Economic Literature 2000, 38:332-382.
    • (2000) Journal of Economic Literature , vol.38 , pp. 332-382
    • Starmer, C.1
  • 67
    • 77955424336 scopus 로고    scopus 로고
    • Statistics Netherlands. Centraal Bureau voor de Statistiek
    • Statistics Netherlands StatLine Database 2008, Centraal Bureau voor de Statistiek. http://www.cbs.nl/.
    • (2008) StatLine Database
  • 68
    • 77949617652 scopus 로고    scopus 로고
    • Simulating low probability peak discharges for the Rhine basin using resampled climate modeling data
    • te Linde A.H., Aerts J.C.J.H., Bakker A.M.R., Kwadijk J.C.J. Simulating low probability peak discharges for the Rhine basin using resampled climate modeling data. Water Resources Research 2010, 46:W03512.
    • (2010) Water Resources Research , vol.46
    • te Linde, A.H.1    Aerts, J.C.J.H.2    Bakker, A.M.R.3    Kwadijk, J.C.J.4
  • 69
    • 38249037184 scopus 로고
    • Estimating linear models with ordinal qualitative regressors
    • Terza J.V. Estimating linear models with ordinal qualitative regressors. Journal of Econometrics 1986, 34:275-291.
    • (1986) Journal of Econometrics , vol.34 , pp. 275-291
    • Terza, J.V.1
  • 70
    • 0019392722 scopus 로고
    • The framing of decisions and the psychology of choice
    • Tversky A., Kahneman D. The framing of decisions and the psychology of choice. Science 1981, 211:453-458.
    • (1981) Science , vol.211 , pp. 453-458
    • Tversky, A.1    Kahneman, D.2
  • 71
    • 31744450082 scopus 로고
    • Advances in prospect theory: cumulative representation of uncertainty
    • Tversky A., Kahneman D. Advances in prospect theory: cumulative representation of uncertainty. Journal of Risk and Uncertainty 1992, 5:297-323.
    • (1992) Journal of Risk and Uncertainty , vol.5 , pp. 297-323
    • Tversky, A.1    Kahneman, D.2
  • 72
    • 0029195485 scopus 로고
    • Risk attitudes and decision weights
    • Tversky A., Wakker P.P. Risk attitudes and decision weights. Econometrica 1995, 63:1255-1280.
    • (1995) Econometrica , vol.63 , pp. 1255-1280
    • Tversky, A.1    Wakker, P.P.2
  • 73
    • 21644486239 scopus 로고    scopus 로고
    • Risk perceptions and value of a statistical life for air pollution and traffic accidents: evidence from Bangkok, Thailand
    • Vassanadumromgdee S., Matsuoka S. Risk perceptions and value of a statistical life for air pollution and traffic accidents: evidence from Bangkok, Thailand. Journal of Risk and Uncertainty 2005, 30:261-287.
    • (2005) Journal of Risk and Uncertainty , vol.30 , pp. 261-287
    • Vassanadumromgdee, S.1    Matsuoka, S.2
  • 74
    • 84861883728 scopus 로고    scopus 로고
    • Verbond van Verzekeraars. Verbond van Verzekeraars, Lelystad
    • Verbond van Verzekeraars Verzekerd van Cijfers 2005 2005, Verbond van Verzekeraars, Lelystad.
    • (2005) Verzekerd van Cijfers 2005
  • 75
    • 84861883729 scopus 로고    scopus 로고
    • Verbond van Verzekeraars. Verbond van Verzekeraars, Lelystad
    • Verbond van Verzekeraars Verzekerd van Cijfers 2006 2006, Verbond van Verzekeraars, Lelystad.
    • (2006) Verzekerd van Cijfers 2006
  • 76
    • 84861892766 scopus 로고    scopus 로고
    • Verbond van Verzekeraars. Verbond van Verzekeraars, Lelystad
    • Verbond van Verzekeraars Verzekerd van Cijfers 2007 2007, Verbond van Verzekeraars, Lelystad.
    • (2007) Verzekerd van Cijfers 2007
  • 77
    • 0001412551 scopus 로고
    • Adaptive responses to chemical labelling: are workers Bayesian decision makers?
    • Viscusi W.K., O'Connor C.J.O. Adaptive responses to chemical labelling: are workers Bayesian decision makers?. American Economic Review 1984, 74:942-956.
    • (1984) American Economic Review , vol.74 , pp. 942-956
    • Viscusi, W.K.1    O'Connor, C.J.O.2
  • 78
    • 33751071868 scopus 로고    scopus 로고
    • National survey evidence on disasters and relief: risk beliefs, self-interest, and compassion
    • Viscusi W.K., Zeckhauser R.J. National survey evidence on disasters and relief: risk beliefs, self-interest, and compassion. Journal of Risk and Uncertainty 2006, 33:13-36.
    • (2006) Journal of Risk and Uncertainty , vol.33 , pp. 13-36
    • Viscusi, W.K.1    Zeckhauser, R.J.2
  • 79
    • 0005135993 scopus 로고
    • A Bayesian perspective on biases in risk perception
    • Viscusi W.K A Bayesian perspective on biases in risk perception. Economic Letters 1985, 17:59-62.
    • (1985) Economic Letters , vol.17 , pp. 59-62
    • Viscusi, W.K.1
  • 80
    • 0345151883 scopus 로고
    • Are individuals Bayesian decision makers?
    • Viscusi W.K. Are individuals Bayesian decision makers?. The American Economic Review 1985, 75:381-385.
    • (1985) The American Economic Review , vol.75 , pp. 381-385
    • Viscusi, W.K.1
  • 81
    • 34249969192 scopus 로고
    • Prospective reference theory: toward an explanation of the paradoxes
    • Viscusi W.K. Prospective reference theory: toward an explanation of the paradoxes. Journal of Risk and Uncertainty 1989, 2:235-263.
    • (1989) Journal of Risk and Uncertainty , vol.2 , pp. 235-263
    • Viscusi, W.K.1
  • 83
    • 19044388900 scopus 로고    scopus 로고
    • Vergoeding van rampschade
    • de Vries E.J. Vergoeding van rampschade. Nederlands Juristenblad 1998, 42:1908-1915.
    • (1998) Nederlands Juristenblad , vol.42 , pp. 1908-1915
    • de Vries, E.J.1
  • 85
    • 38549181673 scopus 로고    scopus 로고
    • The effects of statistical information on risk and ambiguity attitudes, and on rational insurance decisions
    • Wakker P.P., Timmermans D.R.M., Machielse I. The effects of statistical information on risk and ambiguity attitudes, and on rational insurance decisions. Management Science 2007, 53:1770-1784.
    • (2007) Management Science , vol.53 , pp. 1770-1784
    • Wakker, P.P.1    Timmermans, D.R.M.2    Machielse, I.3
  • 86
    • 38849140418 scopus 로고    scopus 로고
    • Strong increases in flood frequency and discharge of the River Meuse over the late Holocene: impacts of long-term anthropogenic land use change and climate variability
    • Ward P.J., Renssen H., Aerts J.C.J.H., van Balen R.T., Vandenberghe J. Strong increases in flood frequency and discharge of the River Meuse over the late Holocene: impacts of long-term anthropogenic land use change and climate variability. Hydrology and Earth System Science 2008, 12:159-175.
    • (2008) Hydrology and Earth System Science , vol.12 , pp. 159-175
    • Ward, P.J.1    Renssen, H.2    Aerts, J.C.J.H.3    van Balen, R.T.4    Vandenberghe, J.5


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.