The Economics of External Information and Risky Behavior: A Case Study of Avalanche Forecasting and Backcountry Incidents

IF 0.9 4区 经济学 Q3 ECONOMICS
Perry Ferrell, Joshua C. Hall, Yang Zhou
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引用次数: 0

Abstract

Understanding risk taking is an important part of the economic analysis of human behavior. When engaging in risky behaviors, individuals rely on heuristics and external information. It is an open question as to whether external information about fluctuating risk reduces bad outcomes for risk takers. We examine this question using data from avalanche incidents in wintertime backcountry recreation. The number of people traveling in avalanche terrain in the United States has grown exponentially in the past more than 2 decades, yet major avalanche accidents have remained relatively constant. Using data from reported avalanche incidents in Colorado and Utah, this paper shows that additional avalanche forecasting services reduce dangerous incidents. A policy change in Colorado allows for a difference-in-differences estimation with neighboring forecast centers, which gives causal estimates of forecasting reducing incidents by 42% on higher danger days. This reduction may be partially offset by an increase in incidents on lowest rated danger days.

外部信息和风险行为的经济学:雪崩预测和边远地区事件的个案研究
理解风险承担是对人类行为进行经济分析的一个重要部分。在从事冒险行为时,个体依赖于启发式和外部信息。关于波动风险的外部信息是否会减少风险承担者的不良后果,这是一个悬而未决的问题。我们使用冬季野外休闲活动中雪崩事件的数据来检验这个问题。在过去的20多年里,在美国的雪崩地带旅行的人数呈指数级增长,但重大的雪崩事故却保持相对稳定。利用科罗拉多州和犹他州报告的雪崩事件的数据,本文表明,额外的雪崩预报服务可以减少危险事件。科罗拉多州的一项政策变化允许与邻近的预报中心进行差异中差的估计,这就给出了预测的因果估计,在危险较高的日子里,事故减少了42%。这种减少可能部分地被最低危险日事件的增加所抵消。
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来源期刊
CiteScore
1.90
自引率
12.50%
发文量
39
期刊介绍: The American Journal of Economics and Sociology (AJES) was founded in 1941, with support from the Robert Schalkenbach Foundation, to encourage the development of transdisciplinary solutions to social problems. In the introduction to the first issue, John Dewey observed that “the hostile state of the world and the intellectual division that has been built up in so-called ‘social science,’ are … reflections and expressions of the same fundamental causes.” Dewey commended this journal for its intention to promote “synthesis in the social field.” Dewey wrote those words almost six decades after the social science associations split off from the American Historical Association in pursuit of value-free knowledge derived from specialized disciplines. Since he wrote them, academic or disciplinary specialization has become even more pronounced. Multi-disciplinary work is superficially extolled in major universities, but practices and incentives still favor highly specialized work. The result is that academia has become a bastion of analytic excellence, breaking phenomena into components for intensive investigation, but it contributes little synthetic or holistic understanding that can aid society in finding solutions to contemporary problems. Analytic work remains important, but in response to the current lop-sided emphasis on specialization, the board of AJES has decided to return to its roots by emphasizing a more integrated and practical approach to knowledge.
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