Published online by Cambridge University Press: 01 December 2015
Modern research demonstrates that there may be wide differences between scientific and popular risk assessments. Popular risk perception is multidimensional; some risks that seem uncontrollable or dreadful are especially abhorrent. Risks are also socially constructed and they may be augmented or attenuated by opinion leaders, advocacy groups, and media treatments. In extreme cases “information cascades” can lead to a self -reinforcing process that amplifies perceived risks resulting in the stigmatization of a technology or a company. We apply these insights to an historical case study of the New York, New Haven & Hartford Railroad during the years 1911 through 1914. During these years the New Haven experienced a burst of train wrecks. Sensational reporting of these accidents, along with increasingly shrill government investigations, coincided with ongoing exposés of the company's questionable financial practices and turned the New Haven into a pariah company, stigmatizing and forcing out its management. Yet statistics available at the time show that the New Haven was no more dangerous than average. The example of the New Haven also encouraged all railroads to introduce safer methods and technologies than they otherwise would have.