13

Measuring and analysis of financial crises requires both cognitive and behavioral approaches constraint by bounded rationality. This paper describes risk perception and response to the global financial crisis as discussed in newspaper editorials. Quantitative research has previously demonstrated the influence of the media on societal behaviors. We suggest, however, that it is possible to identify a categorization of risk perceptions and responses by employing content analysis of newspaper editorials. We adopt a constructivist, qualitative approach illustrating this categorization. We thereby demonstrate both how and why the media, through the promotion of certain risk perception categories, may influence society to adopt various behaviors when faced with a global financial crisis. Additionally, we analyze the coherence of responses and analysis biases to the global financial crisis based on a review of the literature.