Risk management and perception of low probability risks: A field study on earthquake risk Works in economics have been inadequate in explaining homeowners' risk mitigation behaviors in low-probability/high-loss risk situations such as earthquakes. This study (I) explores earthquake risk perceptions in different earthquake risk level zones and (2) identifies reactions towards earthquake risk mitigation measures. Data are obtained from 941 homeowners residing in Istanbul. The three different earthquake risk level zones in Istanbul are analyzed separately and remarkable differences are observed across the zones in terms of risk perceptions. In general, the results indicate that monetary value of intended precautions is positively correlated with (I) house value, (2) household income, and (3) the risk level of the residential area. Monetary value of past precautions correlates with (I) number of children at home and (2) degree of responsibility individuals attribute to themselves for undertaking precautions. Overall, authorities should develop specific approaches for different earthquake risk zones and inform the society about responsibilities for risk mitigation.