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This paper proposes that categorization flexibility, operationalized as the cognitive capacity that cross-categorizes products in multiple situational categories across multiple domains, might favorably influence a consumer’s evaluation of unconventional options.

Experimental research design is used to test the theory. An exploratory study first establishes the effect of categorization flexibility in a non-food domain. Study 1 documents the moderating role of decision domain, showing that the effect works only under low- (vs high-) consequence domain. Studies 2A and 2B further refine the notion by showing that individuals can be primed in a relatively higher categorization flexibility frame of mind. Study 3 demonstrates the interactive effect of categorization flexibility and adventure priming in a high-consequence domain. Study 4 integrates the interactive effects of decisions with low- vs high-consequence, adventure priming and categorization flexibility within a single decision domain of high consequence.

Consumers with higher- (vs lower-) categorization flexibility tend to opt for unconventional choices when the decision domain entails low consequences, whereas such a result does not hold under decision domain of high consequences. The categorization flexibility effects in case of low-consequence decision domain holds true even when consumers are primed to be categorization flexible. Furthermore, with additional adventure priming, consumers show an increased preference for unconventional options even under a decision domain with high consequence.

This study could not examine real purchase behavior as results are based on cross-sectional, behavioral intention data. In addition, it did not examine the underlying reason for presence of cross-domain categorization flexibility index.

The results suggest that stimuli may be tailored to consumers in ways that increase the salience and the perceived attractiveness of unconventional choices. Further, data reinforce the notion of cross-categorical interrelations among different domains, which could be leveraged by marketers.

This study represents the first documentation of the potential ways by which unconventional product choice might be a function of individuals’ categorization flexibility level across different types of decision domains. The findings yield implications that are novel to both categorization and consumer decision-making literature.

The purpose of this paper is to address the impact of affect (as opposed to cognition) on patient trust in high‐consequence exchanges. The authors also investigate the mediator's role of trust in the relationship between affect and cognition, and behavioural intentions.

Using undergraduate students from a large North American university, three between‐subjects experiments were performed.

Study 1 findings demonstrate that affect and cognition elements equally influence trust in high‐consequence decisions. Also, trust is an important mediator between affect and cognition and the intention to continue the relationship and to seek a second opinion. Study 2 reinforces the importance of trust for the patient's evaluations, showing that when trust is low, the second opinion influences patient satisfaction. However, when patient trust is high, the second opinion (the same or different, compared with the first diagnosis) does not affect patient satisfaction. Study 3 shows that, in low‐consequence choices, cognition is a more relevant antecedent of trust than affect. Affect is important when cognition aspects (e.g. the competence of the doctor) are perceived as low.

As an original contribution, this study addresses the different impacts of affect and cognition aspects on patient trust, in high‐ and low‐consequence exchanges. Also, it highlights the importance of patient trust in the doctor when a second opinion is sought: a different diagnosis depletes patient satisfaction only for patients with low levels of trust in the doctor.

The purpose of this study is to address the role of high- and low-consequence exchanges in the relationship between trust and its antecedents (i.e., affective and cognitive elements) and consequences (i.e., positive WOM and search for second opinion intentions) in the context of the provision of medical services.

We performed a survey with 681 patients from a large hospital. The data were analyzed through a multigroup structural equation approach.

Findings show that during service encounters affective aspects have greater impact on consumer trust in situations of high-consequence than in low-consequence exchanges, while cognitive aspects have greater impact when consequences are low than when they are high. In addition, the authors found that the more severe the consequences, the greater the impact of trust on positive WOM and search for second opinion intentions.

This study is the first to consider the exchange consequences as an important moderator of the relationship between trust and affection and cognition elements involved in client-service provider encounters. Overall, the findings show higher importance of affective aspects (compared to cognitive aspects) for the formation of trust, in situations in which the individual perceives the consequences of their exchanges as severe.

The paper examines interviewee insights into accountability for clinical governance in high-consequence, life-and-death hospital settings. The analysis draws on the distinction between formal “imposed accountability” and front-line “felt accountability”. From these insights, the paper introduces an emergent concept, “grounded accountability”.

Interviews are conducted with 41 clinicians, managers and governors in two large academic hospitals. The authors ask interviewees to recall a critical clinical incident as a focus for elucidating their experiences of and observation on the practice of accountability.

Accountability emerges from the front-line, on-the-ground. Together, clinicians, managers and governors co-construct accountability. Less attention is paid to cost, blame, legal processes or personal reputation. Money and other accountability assumptions in business do not always apply in a hospital setting.

The authors propose the concept of co-constructed “grounded accountability” comprising interrelationships between the concept’s three constituent themes of front-line staff’s felt accountability, along with grounded engagement by managers/governors, supported by a culture of openness.

The purpose of this paper is to show how the common practice of applying the frequency interpretation of probability in risk analysis of so‐called low‐probability and high‐consequence disasters can prove to be flawed, and to present a possible remedy.

The common practice is reviewed by using the Åknes case from Norway where an up to 100 million m³ rock slide is threatening one of Norway's most visited tourist sites, Geiranger. The same case is also reworked using the alternative approach and then a comparison is made. The study is therefore a comparative study.

The paper clearly shows the fallacy of using the frequency interpretation of probability in cases where the data are limited because the natural disasters under study appear very rarely. By exploiting the fact that responsible decision‐makers in public offices cannot claim that human losses today are worse than human losses tomorrow (human lives cannot be discounted, as it were), the alternative approach provides much more realistic decision‐support.

The paper presents a new approach to analyzing the risk of low probability, high impact natural disasters that can be readily applied in other low probability, high consequence cases.

As far as is known, the paper presents an original contribution to the analysis of risk of low probability, high consequence natural disasters in that it is shown that the commonly used frequency interpretation of probability can prove to be flawed in such cases. An alternative approach is provided.

This paper aims to contribute to a growing literature in sustainable and green banking by exploring the views of senior banking representatives towards the implementation of sustainability initiatives through extensive interview research. The authors explore the extent to which such initiatives are embedded within the banking industry, whether they represent risk management mechanisms and whether they are imbued with reputational risk management rather than a genuine response to ethical societal concerns.

Qualitative semi-structured interviews were conducted with UK bank managers. The interviewees’ utterances are interpreted through a sociological theoretical lens derived from the study of Giddens and Beck, allowing us to conclude that external initiatives such as the Equator Principles seem to be adopted as re-embedding mechanisms that can rebuild societal trust, as well as representing mechanisms of reputational risk management.

The analysis suggested that internal sustainability initiatives were interpreted as coping mechanisms whereby bank employees can recreate their protective cocoon, reinstating their ontological security in response to the high consequence risks of climate change and other related systemic factors that create overwhelming feelings of engulfment.

Using Beck’s risk society theory as a theoretical lens through which to interpret the interview data allows a number of concluding comments and suggestions to be made. The findings resonate with earlier research into institutional investors’ attitudes towards climate change that found their engagement and dialogue with companies around climate change issues to be imbued with a risk discourse: their initiatives and actions were dominated by risk management motivations.

Accounting’s definition of accountability should include attributes of socioenvironmental degradation manufactured by unsustainable technologies. Beck argues that emergent accounts should reflect the following primary characteristics of technological degradation: complexity, uncertainty, and diffused responsibility. Financial stewardship accounts and probabilistic assessments of risk, which are traditionally employed to allay the public’s fear of uncontrollable technological hazards, cannot reflect these characteristics because they are constructed to perpetuate the status quo by fabricating certainty and security. The process through which safety thresholds are constructed and contested represents the ultimate form of socialized accountability because these thresholds shape how much risk people consent to be exposed to. Beck’s socialized total accountability is suggested as a way forward: It has two dimensions, extended spatiotemporal responsibility and the psychology of decision-making. These dimensions are teased out from the following constructs of Beck’s Risk Society thesis: manufactured risks and hazards, organized irresponsibility, politics of risk, radical individualization and social learning. These dimensions are then used to critically evaluate the capacity of full cost accounting (FCA), and two emergent socialized risk accounts, to integrate the multiple attributes of sustainability. This critique should inform the journey of constructing more representative accounts of technological degradation.

Risk evaluation and management methods are used to assess the reliability of a New Zealand inter-urban road network, which is subject to closures due to snow and ice, earthquakes, volcanic activity and road accidents. Using the probabilities and consequences of closures of various durations, the expected annual costs of closures are determined for each hazard. The benefit-cost ratios for various risk mitigation options are also identified. The importance of considering both the probabilities and consequences of closures is discussed.

It is found that a ‘high-frequency, low-consequence’ hazard (snow and ice) has the highest expected annual cost, and higher than for the ‘low-frequency, high-consequence’ hazards (earthquakes and volcanic activity). It is also found that not allowing for elasticity in the demand for travel (e.g. trips being cancelled or postponed because of road closures) leads to inaccurate estimates of the costs of closure.

It is concluded that it is important to allow for the behavioural responses of network users when estimating the costs of closures, and that more attention should be given to ‘high-frequency, low-consequence’ hazards, in order to maximise the economic benefits of expenditure on risk mitigation.

Information technology (IT) projects are renowned for their high failure rate. Risk management is an essential process for the successful delivery of IT projects. In‐depth interviews with IT professionals from leading firms in Western Australia were undertaken to determine how IT risks were managed in their projects. The respondents ranked 27 IT risks in terms of likelihood and consequences to identify the most important risks. The top five risks, in order, were: personnel shortfalls; unreasonable project schedule and budget; unrealistic expectations; incomplete requirements; and diminished window of opportunity due to late delivery of software. The respondents overwhelmingly applied the treatment strategy of risk reduction to manage these risks. Furthermore, these strategies were primarily project management processes, rather than technical processes. This demonstrates that project management is a risk management strategy. Scope, quality management, and human resource management were solutions applied to several risks. In particular, managing stakeholders’ expectations is a specific risk treatment that helps to manage several key IT risks.