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1

Proverbs as recommendations regarding risk taking

100%
Przybyszewski K., Tyszka T., Ulatowska H., Spence W. K.
Polish Psychological Bulletin
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2005
|
vol. 36
|
issue 4
224-233
EN
This research focuses on how people evaluate proverbs as recommendations about risk taking. It was found that the rating of a proverb without any context was typically better than the rating of the same proverb when a context was provided. It was also found that the advice given by a proverb was rated no higher than a direct recommendation. Finally, we found that the acceptance of advice given in contradictory proverbs was inconsistent. The inconsistency of ratings was higher for proverbs than for direct recommendations, and for the proverbs in the context of concrete scenarios than for the same proverbs given without any scenario.
2

Risk as necessity and risk as pleasure: The perception of instrumental and stimulating risks

100%
Zaleskiewicz T., Piskorz Z.
Polish Psychological Bulletin
|
2007
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vol. 38
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issue 4
206-216
EN
This paper proposes a new way of differentiating among risks. We assume that an important factor in risk perception is whether people perceive risk taking as a pleasure or as a necessity to reach a goal. Two studies are presented. Study 1 examines whether different risks can be divided into two categories: the category of instrumental risks (risk-as-necessity), and the category of stimulating risks (risk-as-pleasure). The results of this study indeed show that risk can be divided into two categories: 1) stimulating risks (e.g., bungee-jumping), and 2) instrumental risks (e.g., taking a bank-loan). Study 2 tests whether the perception of instrumental risk is more rational (probability as a basis for risk estimation) and the perception of stimulating risk is more emotional (fear as a basis for risk estimation). The main effects of the analysis of variance as well as post-hoc tests confirm this assumption.
3

THE PERSONALITY FACTORS PRO- AND ANTISOCIAL PHYSICAL RISK TAKERS FROM THE PERSPECTIVE OF ALTERNATIVE FIVE MODEL

100%
Prochniak P.
Psychologia-Etologia-Genetyka
|
2007
|
vol. 16
63-74
EN
Physical - risk taking activities can be classified along a continuum ranging from prosociality to antisociality. The present study was aimed at identifying the personality factors from Zuckerman's alternative five model common to those who engage in physical risky activities, and those that differentiate among the groups along the continuum. The sample consisted of 89 prosocial risk takers - policemen preparing for the pace keeping mission in Kosovo (for example: antiterrorists, pyrotechnics, detectives from Central Bureau of Investigation (Polish FBI) and 75 antisocial risk takers incarcerated for having committed armed robbery. Subjects were administered the Zuckerman-Kuhlman Personality Questionnaire - ZKQP. The two variables that best discriminate among the prosocial and antisocial risk takers are: Sociability and Aggression- Hostility.
4

Risk perception and risk taking at a military organization

100%
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.
5

Risky decision making in a computer card game: An information integration experiment

88%
Figner B., Voelki N.
Polish Psychological Bulletin
|
2004
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vol. 35
|
issue 3
135-139
EN
Information integration in risky decision making was studied by using a functional measurement approach. Participants (N=84) played a computerized risky card game incorporating a within-subject design with the 3 factors (a) probability of negative or positive outcome, (b) amount of gain, and (c) amount of loss. Results on the group level showed mainly additive patterns of integration. Observed deviations from the general pattern could be explained more detailed by the results of the individual analyses: There was a wide range of different strategies from centration to additive and mixed additive-multiplicative strategies. The most frequent rules of integration were additive; pure multiplicative rules were rarely found. These findings give support to additive models in risky decision making. However, individual differences in risky decision making strategies appear to be a topic that deserves further study.
6

Studying risk taking behaviour: a field experiment

88%
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.
7

THE EFFECT OF ACCUMULATED RESOURCES ON RISK TAKING - IN MEMORY OF FERENC MÉREI

88%
Farago K.
Magyar Pszichologiai Szemle (Hungarian Psychological Review)
|
2008
|
vol. 63
|
issue 4
651-675
EN
Research offers a contradictory picture of the impact of accumulated resources on risk taking: both risk taking and risk avoidance were found in cases of either large or small resources.The authoress conducted a field experiment to study the behavior of students having abundant, enough or too few points (accumulated resource) to be able to pass a course requirement. Students received tasks of three levels of difficulty. Choosing more difficult tasks enabled them to gain more points. Everybody had two tasks to solve: one framed in a positive way, the other in a negative way. She compared the results of the field experiment to the results of two other investigations: to a questionnaire conducted with managers about risk taking in a successful or unsuccessful, increasing or decreasing enterprise, and to a hypothetical advice giving situation. She can generalize from her results collected in these different contexts that when close to the extinction point, people take biggest risks. Having abundant resources they also take big risks, but mainly in the negative frame. Having medium amount of resources, they are risk avoidant. The authoress discussed her results in the framework of Kurt Lewin's dynamic psychology, showing that the simultaneous consideration of situational, motivational and perceptual factors as well as the tendency to get better or worse, helps to understand risk taking.
8

ATTITUDES TOWARDS FINANCIAL RISKS AND PORTFOLIO ALLOCATIONS: EVIDENCE FROM LARGE-SCALE SURVEYS

88%
Balá V.
Ekonomický časopis (Journal of Economics)
|
2021
|
vol. 69
|
issue 2
113 – 134
EN
This paper analyses the determinants of financial risk attitudes and portfolio allocations as established by large-scale surveys in developed countries. After a literature review the paper proceeds with an analysis of two large-scale surveys on financial risk attitudes and the ownership of financial products in Slovakia. Risk attitudes are examined via a stated and revealed preference over portfolio allocations. Two dependent variables were used to test assumptions on investment choices: subjective financial risk tolerance (expressed via stated preferences over hypothetical portfolios) and objective risk tolerance (expressed via the actual share of risky investments out of the total financial assets). The standardised regression coefficients indicated that the risk attitudes seemed to be the most important predictors of both subjective and objective risk tolerance, followed by perceived and actual experience with financial investments. Sociodemographic variables (gender, age, education) had a relatively lower impact on portfolio allocations.
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