Risk Attitude in Decision Making: In Search of Trait-Like Constructs
Topics in Cognitive Science 3 (1):166-186 (2011)
| Abstract | We evaluate the consistency of different constructs affecting risk attitude in individuals’ decisions across different levels of risk. Specifically, we contrast views suggesting that risk attitude is a single primitive construct with those suggesting it consists of multiple latent components. Additionally, we evaluate such constructs as sensitivity to losses, diminishing sensitivity to increases in payoff, sensitivity to variance, and risk acceptance (the willingness to accept probable outcomes over certainty). In search of trait-like constructs, the paper reviews experimental results focusing on the consistency of these constructs in different tasks as well as their temporal consistency. Overall, the findings show that the most consistent factor is risk acceptance, and they also demonstrate its potential boundaries. These results are modeled with a simple quantitative index of subjective risk. A survey of decisions under risk further reveals that participants exhibit almost no consistency across different tasks in this setting, highlighting the advantage of experiential tasks for studying individual differences | |||||||||
| Keywords | No keywords specified (fix it) | |||||||||
| Categories | ||||||||||
| Options |
|
|||||||||
Download options| PhilPapers Archive |
Upload a copy of this paper Check publisher's policy on self-archival Papers currently archived: 5,709 |
| External links |
 |
| Through your library | Configure |
Similar books and articlesN. Athanassoulis & A. Ross (2010). A Virtue Ethical Account of Making Decisions About Risk. Journal of Risk Research 13 (2):217.
Wändi Bruine de Bruin, Timo Mäntylä & Fabio Del Missier (2011). Executive Functions in Decision Making: An Individual Differences Approach. Thinking and Reasoning 16 (2):69-97.
John Kadvany (1997). Varieties of Risk Representations. Journal of Social Philosophy 28 (3):123-143.
Dipankar Ghosh & Terry L. Crain (1995). Ethical Standards, Attitudes Toward Risk, and Intentional Noncompliance: An Experimental Investigation. Journal of Business Ethics 14 (5):353 - 365.
Christophe Courbage (2001). On Bivariate Risk Premia. Theory and Decision 50 (1):29-34.
Denise M. Patterson (2001). Causal Effects of Regulatory, Organizational and Personal Factors on Ethical Sensitivity. Journal of Business Ethics 30 (2):123 - 159.
John F. Lobuts & Carol L. Pennewill (1986). Risk-Free Decision-Making. Journal of Business Ethics 5 (1):29 - 37.
Richard Watt, Francisco J. Vázquez & Ignacio Moreno (2001). An Experiment on Rational Insurance Decisions. Theory and Decision 51 (2/4):247-296.
Paul Weirich (1986). Expected Utility and Risk. British Journal for the Philosophy of Science 37 (4):419-442.
Elisa Gambetti & Fiorella Giusberti (2008). Dispositional Anger and Risk Decision-Making. Mind and Society 8 (1):7-20.
Louis Eeckhoudt & Béatrice Rey (2011). Risk Vulnerability: A Graphical Interpretation. Theory and Decision 71 (2):227-234.
Analytics
Monthly downloads |
Added to index2011-01-11Total downloads6 ( #145,761 of 549,754 )Recent downloads (6 months)1 ( #63,425 of 549,754 )How can I increase my downloads? |
My notes
Discussion
