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    Risk Incomprehension and Its Economic Consequences

    Access Status
    Fulltext not available
    Authors
    Sohn, Kitae
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Sohn, K. 2016. Risk Incomprehension and Its Economic Consequences. Journal of Development Studies. 52 (11): pp. 1545-1560.
    Source Title
    Journal of Development Studies
    DOI
    10.1080/00220388.2016.1166208
    ISSN
    0022-0388
    School
    Department of Economics & Property
    URI
    http://hdl.handle.net/20.500.11937/51865
    Collection
    • Curtin Research Publications
    Abstract

    © 2016 Informa UK Limited, trading as Taylor & Francis Group.Almost all theoretical and empirical studies implicitly assume that every economic agent understands the concept of risk. We exploited a unique feature of the Indonesian Family Life Survey and argued that this assumption may not apply to the developing world. A third of working men failed to understand the concept of risk, and this incomprehension did not result from a mistake or a preference for simple answers. Moreover, after applying OLS, we found that relative to risk comprehensive men, risk incomprehensive men earned 11.9 per cent less and possessed household assets worth 9.8 per cent less.

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