Chapter

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

Elke U. Weber

in Pension Design and Structure

Published in print July 2004 | ISBN: 9780199273393
Published online January 2005 | e-ISBN: 9780191601675 | DOI: http://dx.doi.org/10.1093/0199273391.003.0003
Who's Afraid of a Poor Old Age? Risk Perception in Risk Management Decisions

Show Summary Details

Preview

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.

Keywords: risk perception; risk management; decisionmaking; pension saving; retirement planning

Chapter.  5989 words.  Illustrated.

Subjects: Financial Markets

Full text: subscription required

How to subscribe Recommend to my Librarian

Buy this work at Oxford University Press »

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.