Beliefs and Facts about Earthquakes from a Behavioral Economics Perspective
Chapter from the book:
Kırcı Altınkeski,
B.
&
Buğan,
M.
F.
(eds.)
2023.
Evolution of Financial Markets: Banking, Risk Management, Markets and Institutions.
Synopsis
Throughout history, earthquakes have been the most threatening after wars for the structures that people have built outside of caves and natural life shelters. Although there are many things that people can do against earthquakes, the most important of these measures is the earthquake resistance of the structures of the societies living in the earthquake zone. However, the economic and social structures of societies sometimes put the measures to be taken against earthquakes into the background. However, individual measures alone are not enough to reduce the devastating consequences of the earthquake. A society must take the necessary measures as a whole. For this, first of all, the approach of constructing earthquake resistant structures in that society must be established, the society must have sufficient economic resources, education and most importantly, sufficient level of awareness. In this respect, it is important to consider the social approaches to the causes and consequences of the earthquake within the framework of the behavioral economy perspective. It is necessary to scrutinize the established social and economic approaches to earthquakes in the society for a better understanding of the subject. Thus, by evaluating the earthquake reality with a broad perspective, it can contribute to a structural and realistic change and transformation in terms of reducing the consequences of the earthquake. When the earthquake that took place in the Anatolian peninsula is evaluated, it is observed that although the earthquake has been a part and reality of social life throughout history, it has been observed that neglect and inadequate measures have taken the lead in reducing its consequences. Indeed, the Anatolian peninsula has hosted many civilizations throughout history. While these civilizations developed and prospered on this peninsula, which has fertile lands surrounded by seas on three sides, experiencing four seasons, on the other hand, it has faced earthquakes. These earthquakes caused great destruction and subsequent great migrations.