Earthquake and volcano hazard notices were issued for the Mammoth Lakes, California area by the U.S. Geological Survey under the authority granted by the Disaster Relief Act of 1974. The effects on investment, recretion visitation, and risk perceptionsare explored. The hazard notices did not affect recreation visitation, although investment was affected. A perceived loss in the market value of homes was documented. Risk perceptions were altered for property owners. Communication of the probability of an event over time would enhance hazard notices as a policy instrument and would mitigate unnecessary market perturbations. ?? 1990.