endorsement by the Wharton Risk Center and the University of Pennsylvania. This paper may be reproduced for personal and classroom use. Any other reproduction is not permitted without written permission of the authors. THE WHARTON RISK MANAGEMENT AND DECISION PROCESSES CENTER Established in 1984, the Wharton Risk Management and Decision Processes Center develops and promotes effective corporate and public policies for low‐probability events with potentially catastrophic consequences through the integration of risk assessment, and risk perception with risk management strategies. Natural disasters, technological hazards, and national and international security issues (e.g., terrorism risk insurance markets, protection of critical infrastructure, global security) are among the extreme events that are the focus of the Center’s research. The Risk Center’s neutrality allows it to undertake large‐scale projects in conjunction with other researchers and organizations in the public and private sectors. Building on the disciplines of economics, decision sciences, finance, insurance, marketing and psychology, the Center supports and undertakes field and experimental studies of risk and uncertainty to bette
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