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1

Studying risk taking behaviour: a field experiment

100%
Farago K.
Magyar Pszichologiai Szemle (Hungarian Psychological Review)
|
2005
|
vol. 60
|
issue 3
343-370
EN
Risk taking behavior was studied in a field experiment, where, unlike experiments in laboratory settings, subjects had to make real decisions, gain or loose real stakes. In real situations, not only the few factors chosen by the researcher influence risk taking behavior, but also a number of interdependent constituent effects. This research investigated the impact of the positive or negative framing, the available resources, the aspiration levels, and the risk taking propensity of the individual in a real situation. A second experiment was run in a laboratory to control for the difference in the two approaches. It was found that people take much smaller risk in real situations where they have to face real consequences. In real situations, when subjects get close to the survival point, they do not engage in extreme risk taking strategies, such as complete avoidance or extreme risk taking. This result contradicts the findings of research undertaken in laboratory settings. In this study the amount of the previously accumulated resources seems to be the most important determinant of risk taking behavior. Subjects with limited resources perceived the situation as riskier, experienced more serious uncertainty, and lowered their aspiration level. Our results contradicted the prediction of prospect theory which indicates risk avoidance in a positively framed (gaining), and risk avoidance in a negatively framed (loosing) situation. Our subjects radically reduced their willingness to take risks in the negative frame both in the real and the hypothetical situations.
2

Risk-taking in entrepreneurs: the role of uncertainty, stake and framing

63%
Farago K., Kiss O.
Magyar Pszichologiai Szemle (Hungarian Psychological Review)
|
2005
|
vol. 60
|
issue 1/2
203-223
EN
We examined entrepreneurial risk-taking in hypothetical bet situations presented in the form of a questionnaire. The level of uncertainty and the amount staked were varied in the situations provided. The subjects were required to make choices between two profit-making situations in one half of the questions and two loss-making situations in the other half. The expected values of the alternatives offered were equal. In order to identify the risk-taking strategies unique to entrepreneurs, a sample consisting of college students was also involved in the study. The results suggest that entrepreneurs focus on the amount staked; probability factors are less commonly taken into consideration. This tendency results in different behavior in profit-making and loss-making situations: the potential profit motivates entrepreneurs to choose higher stakes, whereas an expected loss will characteristically prompt the avoidance of higher stakes and thus higher risks. In profit-making situations, the strategies applied by college students are different from those found in entrepreneurs: students' decisions are more pronouncedly influenced by probability factors than by the amount staked. The results point to the conclusion that for entrepreneurs, the emotional value of profit and loss is considerably high, and as a result, their reactions show manifestations of the affect heuristic. The picture emerging form the study qualifies to some extent the so-called endowment effect, which is a tendency in individuals to invest further resources into loss-making projects. Prospects for major losses deterred the respondents from taking risks.
3

Risk perception and risk taking at a military organization

63%
Radnoti I., Farago K.
Magyar Pszichologiai Szemle (Hungarian Psychological Review)
|
2005
|
vol. 60
|
issue 1/2
29-50
EN
We examined risk perception and risk taking in decisions made by individuals working for military organizations. Our aim was to test attitudes towards risk through a questionnaire ecologically as valid as possible. The results show that individuals working for military organizations do not underplay the hazards related to their jobs, and view these risks as positive, rather than negative experiences. These exciting situations are considered to be controllable. Uncertainty and unexpectedness, on the other hand, may be a source of stress. Successful task fulfilment proved to be a prime motive: individuals identify with the expectations of the organization. Executives, unlike subordinates use analytic decision-making strategies. However, for lack of time and information, this is often not feasible, and thus recognition-primed decisions are made. Our results confirm the view that in order to examine real situations, a cognitive decision-psychological approach should be supplemented with the principles and methods of decision-making in natural contexts.
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