Perception of Product Risks

Abstract

This chapter provides several explanations for consumer risk perception. For frequently repeated behavior that is seemingly under their own control, consumers tend to be overly optimistic. This occurs in spite of the general tendency of consumers to be risk averse. Specific dimensions of different products or situations trigger psychometric factors, most notably dread and uncertainty that increase, or reduce risk perception. Cultural theories look for differences in risk perception caused by difference between consumer groups and how this result in interpretation of risk information. Besides these takes on risk perception, it is now commonly accepted that risk perception is at least in part based on emotions, that there is some relation between risk and benefit perception, that media attention influences perceived risks, and that perceived lack of knowledge influence risk seeking behavior. These approaches influence risk perception through potential categorical rejection of risky products, through weighing of risk against benefits and other product properties. Risk perception influences behavior as part of an elaborate evaluation or as trigger of an automatic behavior.