We present a psychometric scale that assesses risk taking in five content domains: financial decisions (separately for investing versus gambling), health/safety, recreational, ethical, and social decisions. Respondents rate the likelihood that they would engage in domain-specific risky...

Extreme events, by definition, cause much harm to people, property, and the natural world. Sometimes they result from the vagaries of nature, as in the case of flood, earthquake, or storm, and thus are truly the outcomes of "games against nature." In other cases they follow technological failure...

This study tests the adequacy of the axioms underlying Luce and Weber's (1986) conjoint expected risk model. Risk judgments are found to be transitive. Monotonicity or the substitution principle per se seems to hold, but the related probability accounting assumption is violated. The conjoint...

This study of 29 MBA students compares two models of risk perception for both financial and health risk stimuli. The first, inspired by Luce and Weber's Conjoint Expected Risk (CER) model, uses five dimensions: probability of gain, loss and status quo, and expected benefit and harm. The second,...

Much of decision aiding uses a divide-and-conquer strategy to help people with risky decisions. Assessing the utility of outcomes and one's degree of belief in their likelihood are assumed to be separable tasks, the results of which can then be combined to determine the preferred alternative....

In this paper, we examine the determinants of risk-sensitivity exhibited by humans and other animals. Our dependent measure is the proportion of respondents who choose a sure option over a risky option with equal expected value. We present a meta-analysis of human risk-preference data and...