"The Cost of Fearing Strangers"
As we wrote in Freakonomics, most people are pretty terrible at risk assessment. They tend to overstate the risk of dramatic and unlikely events at the expense of more common and boring (if equally devastating) events. A given person might fear a terrorist attack and mad cow disease more than anything in the world, whereas in fact she'd be better off fearing a heart attack (and therefore taking care of herself) or salmonella (and therefore washing her cutting board thoroughly).
Why do we fear the unknown more than the known? That's a larger question than I can answer here (not that I'm capable anyway), but it probably has to do with the heuristics — the shortcut guesses — our brains use to solve problems, and the fact that these heuristics rely on the information already stored in our memories.
And what gets stored away? Anomalies — the big, rare, "black swan" events that are so dramatic, so unpredictable, and perhaps world-changing, that they imprint themselves on our memories and con us into thinking of them as typical, or at least likely, whereas in fact they are extraordinarily rare.
Nothing I haven't said before. Remember, if it's in the news don't worry about it. The very definition of news is "something that almost never happens." When something is so common that it's no longer news—car crashes, domestic violence—that's when you should worry about it.
Posted on January 19, 2009 at 6:19 AM • 26 Comments