Worry and the illusion of safety: Evidence from a real-objects experiment

Abstract

This paper examines the impact of the trait "worry", i. e. worry as a personality variable, on willingness to pay (WTP) for a protective measure. The vast majority of studies on protective measures are questionnaire experiments with hypothetical objects and payments (see e. g. Slovic et al. 1978; Hogarth and Kunreuther 1985; Hogarth and Kunreuther 1995; Kunreuther, Onculer, and Slovic 1998). In a few studies, real money is at stake (see e. g. McClelland, Schulze, and Coursey 1993; Schade, Kunreuther, and Kaas 2001). This is the first controlled experiment of which we are aware where individuals are given real objects and face the possibility of finding them defective so that they are not usable

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