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Human Reactions to Rare Events: Bridging the Gaps between Microscopic and Macroscopic Perspectives
Lundquist College of Business, University of Oregon.
2011 (English)Book (Other academic)
Abstract [en]

Scholars have proposed that mid-range theories could bridge the gaps between explanations of micro and macro phenomena. People's reactions to rare events provide an example of midrange phenomena, and thus illustrate some advantages and disadvantages of this level of analysis. For example, rare events pose difficult challenges for those who encounter them, both för choosing immidiate responses and for drawing useful inferences. One reason is that people tend to see idiosyncrasies and exogenous influences that interfere with generalization. A second reason is that rare events stir uncertainty and elicit reactions to uncertainty such as wishful thinking, reliance on prior beliefs, biased probabilities, search for more data, cautios action. and playing to audiences. Effective learning from rare events is rare, but active efforts to learn have enabled some individuals and organizations to benefit from rare events.

Place, publisher, year, edition, pages
Uppsala: Acta Universitatis Upsaliensis , 2011. , 30 p.
Studia oeconomiae negotiorum, ISSN 0586-884X ; 52
National Category
Social Sciences
URN: urn:nbn:se:uu:diva-155754ISBN: 978-91-554-8106-3OAI: oai:DiVA.org:uu-155754DiVA: diva2:427990
Available from: 2011-06-29 Created: 2011-06-29 Last updated: 2011-08-15Bibliographically approved

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