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Updated: Dec 28, 2025

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Modeling different behaviors in disclosing risk perception
Roberto Colombi1, Sabrina Giordano2
1Department of Management, Information and Production Engineering, University of Bergamo, Bergamo, Italy.
This study introduces a novel model for analyzing risk perception data collected via ordered scales. It accounts for inaccurate or random responses, improving the reliability of risk awareness assessments.
Area of Science:
- Statistics
- Risk Analysis
- Psychometrics
Background:
- Ordered scales are commonly used to gauge public risk perception across various domains.
- Observed responses may not accurately reflect true risk awareness due to respondent uncertainty or errors.
Purpose of the Study:
- To propose a statistical model for ordinal risk perception data that accounts for response inaccuracies.
- To improve the estimation of true risk awareness by modeling different response behaviors.
Main Methods:
- Development of a statistical model incorporating three response behaviors: accurate, uncertain (random), and inaccurate (biased).
- Statistical inference techniques applied without assuming model correctness.
- Case studies involving geo-hydrological and work-related stress risks.
Main Results:
- The proposed model provides a more nuanced understanding of risk perception data.
- Demonstrated applicability in real-world scenarios of environmental and occupational risks.
- Improved accuracy in estimating true risk awareness compared to standard methods.
Conclusions:
- The novel model enhances the analysis of ordinal risk perception data by addressing response variability.
- This methodology offers a robust framework for assessing risk awareness in diverse fields.
- The findings have implications for public health, environmental policy, and occupational safety.
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