The Ostrich Paradox: Why We Underprepare for Disasters

The Ostrich Paradox: Why We Underprepare for Disasters

The Ostrich Paradox: Why We Underprepare for Disasters

The Ostrich Paradox: Why We Underprepare for Disasters

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Overview

"The Ostrich Paradox boldly addresses a key question of our time: Why are we humans so poor at dealing with disastrous risks, and what can we humans do about it? It is a must-read for everyone who cares about risk."
—Daniel Kahneman, winner of the Nobel Prize in Economics and author of Thinking, Fast and Slow


We fail to evacuate when advised. We rebuild in flood zones. We don't wear helmets. We fail to purchase insurance. We would rather avoid the risk of "crying wolf" than sound an alarm.

Our ability to foresee and protect against natural catastrophes has never been greater; yet, we consistently fail to heed the warnings and protect ourselves and our communities, with devastating consequences. What explains this contradiction?

In The Ostrich Paradox, Wharton professors Robert Meyer and Howard Kunreuther draw on years of teaching and research to explain why disaster preparedness efforts consistently fall short. Filled with heartbreaking stories of loss and resilience, the book addresses:


•How people make decisions when confronted with high-consequence, low-probability events—and how these decisions can go awry
•The 6 biases that lead individuals, communities, and institutions to make grave errors that cost lives
•The Behavioral Risk Audit, a systematic approach for improving preparedness by recognizing these biases and designing strategies that anticipate them
•Why, if we are to be better prepared for disasters, we need to learn to be more like ostriches, not less


Fast-reading and critically important, The Ostrich Paradox is a must-read for anyone who wants to understand why we consistently underprepare for disasters, as well as private and public leaders, planners, and policy-makers who want to build more prepared communities.


Product Details

ISBN-13: 9781613630808
Publisher: University of Pennsylvania Press, Inc.
Publication date: 02/07/2017
Edition description: New Edition
Pages: 132
Sales rank: 583,830
Product dimensions: 5.40(w) x 8.30(h) x 0.50(d)

About the Author

Robert Meyer, Frederick H. Ecker/MetLife Insurance Professor of Marketing at the Wharton School of the University of Pennsylvania and codirector of the Wharton Risk Management and Decision Processes Center. His work has appeared in a wide variety of professional journals and books, including the Journal of Consumer Research; Journal of Marketing Research; Journal of Risk and Uncertainty; Marketing Science; Management Science; and Risk Analysis. Howard Kunreuther, James G. Dinan Professor of Decision Sciences and Public Policy at the Wharton School of the University of Pennsylvania and codirector of the Wharton Risk Management and Decision Processes Center. His recent books include At War with the Weather (with Erwann Michel-Kerjan), winner of the Kulp-Wright Book Award from the American Risk and Insurance Association in 2011; Insurance and Behavioral Economics: Improving Decisions in the Most Misunderstood Industry (with Mark Pauly and Stacey McMorrow); and Leadership Dispatches: Chileand#8217;s Extraordinary Comeback from Disaster (with Michael Useem and Erwann Michel-Kerjan).

Table of Contents

Introduction: The Ostrich Paradox 1

Part I Why We Underprepare for Disasters

Chapter 1 A Tale of Two Cognitive Systems 7

Chapter 2 The Myopia Bias 13

Chapter 3 The Amnesia Bias 21

Chapter 4 The Optimism Bias 31

Chapter 5 The Inertia Bias 43

Chapter 6 The Simplification Bias 53

Chapter 7 The Herding Bias 59

Part II What We Can Do to Improve Preparedness

Chapter 8 Overcoming the Biases: The Behavioral Risk Audit 71

Chapter 9 The Behavioral Risk Audit in Action: The Case of Flood Risk 77

Chapter 10 Protection in the Truly Long Run 89

Postscript: The Ostrich Paradox Revisited 103

Notes 105

Index 115

About the Authors 123

About Wharton Digital Press 125

About The Wharton School 126

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