Reasoning about extreme events: A review of behavioural biases in relation to catastrophe risks

Vasiljevic, M.; Weick, M.; Taylor-Gooby, P.; Abrams, D.; Hopthrow, T.

Abstract

The present report outlines behavioural biases studied in the literature in relation to the way people reason about and respond to catastrophe risks. The project is led by the Lighthill Risk Network, in collaboration with a team of social and behavioural researchers from the University of Kent. The aim of this report is to increase awareness of selected behavioural risks, and to highlight ways how biases can affect insurance purchases and underwriting decisions. The report focuses on catastrophe risk as a priority area for the insurance industry, and because catastrophe risks have been more widely studied in the literature than other types of risk.

Citation

Vasiljevic, M., Weick, M., Taylor-Gooby, P., Abrams, D., & Hopthrow, T. (2013). Reasoning about extreme events: A review of behavioural biases in relation to catastrophe risks. [No known commissioning body]

• Report Type: Project Report
• Publication Date: Mar 1, 2013
• Deposit Date: Sep 12, 2018
• Publicly Available Date: Sep 19, 2018
• Public URL: https://durham-repository.worktribe.com/output/1605720
• Publisher URL: https://lighthillrisknetwork.org/
• Related Public URLs: http://kar.kent.ac.uk/33993/
• Additional Information: University Name: University of Kent; Publisher: Lighthill Risk Network; Type: monograph; Subtype: project_report