That first factor isn’t just “lack of information,” it is also the presence of cognitive biases in risk assessment and response. Many people—in both higher- and lower-income countries—do not accurately “price” risks of unlikely but catastrophic-to-them/their-family risks. This is also true on a societal level. Witness, for instance, how much the US has spent on directly and indirectly reducing the risk of airplane hijackings over the last 20 years vs. how much we spent on pandemic preparedness.
That first factor isn’t just “lack of information,” it is also the presence of cognitive biases in risk assessment and response. Many people—in both higher- and lower-income countries—do not accurately “price” risks of unlikely but catastrophic-to-them/their-family risks. This is also true on a societal level. Witness, for instance, how much the US has spent on directly and indirectly reducing the risk of airplane hijackings over the last 20 years vs. how much we spent on pandemic preparedness.