“…The core principle behind an iterative stepwise process in general is that the set of variables included in the model is refined by systematically removing the variable(s) with the highest p ‐value, until only variables deemed to be statistically significant remain. Iterative backwards‐stepwise processes (Fields, 2009) have been used in a range of studies within risk research (Botzen, Kunreuther, Czajkowski, & de Moel, 2019; Bubeck, Botzen, Kreibich, & Aerts, 2013; Bubeck & Thieken, 2018; Ganguly, Nahar, & Hossain, 2019; Kabra, Ramesh, & Arshinder, 2015; Roder, Hudson, & Tarolli, 2019; Sarmiento, Sandoval, & Jerath, 2020).…”