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Adjusting Risky Situations: A Theoretical Framework and Empirical Test

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  • Wehrung, Donald A
  • Lee, Kam-Hon
  • Tse, David K.
  • Vertinsky, Ilan B.

Abstract

Experienced executives frequently try to modify the risky situations they face in order to make them more favorable rather than simply choosing from among available decision options. This article investigates several types of risk adjustments such as trying to influence the situation through bargaining and spending resources, gathering information, developing new options, and consulting one's superiors. A theoretical framework is presented that characterizes different types of adjustments and relates them to variables such as perceived risk, perceived control, perceived responsibility, decisiveness, and risky choice. The framework is tested using experienced decisionmakers who respond to four simulated risky business decisions. Copyright 1989 by Kluwer Academic Publishers

Suggested Citation

  • Wehrung, Donald A & Lee, Kam-Hon & Tse, David K. & Vertinsky, Ilan B., 1989. "Adjusting Risky Situations: A Theoretical Framework and Empirical Test," Journal of Risk and Uncertainty, Springer, vol. 2(2), pages 189-212, June.
    • Handle: RePEc:kap:jrisku:v:2:y:1989:i:2:p:189-212
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    Cited by:

    1. Neyse, Levent & Vieider, Ferdinand M. & Ring, Patrick & Probst, Catharina & Kaernbach, Christian & Eimeren, Thilo van & Schmidt, Ulrich, 2020. "Risk attitudes and digit ratio (2D:4D): Evidence from prospect theory," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 60, pages 29-51.
    2. Bäker, Agnes & Mertins, Vanessa, 2013. "Risk-sorting and preference for team piece rates," Journal of Economic Psychology, Elsevier, vol. 34(C), pages 285-300.
    3. Yoav Ganzach & Shmuel Ellis & Asya Pazy & Tali Ricci-Siag, 2008. "On the perception and operationalization of risk perception," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3, pages 317-324, April.
    4. Kaileigh Byrne & Darrell Worthy, 2015. "Gender differences in reward sensitivity and information processing during decision-making," Journal of Risk and Uncertainty, Springer, vol. 50(1), pages 55-71, February.
    5. repec:cup:judgdm:v:3:y:2008:i::p:317-324 is not listed on IDEAS
    6. Nihat Berker, A., 1993. "Critical behavior induced by quenched disorder," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 194(1), pages 72-76.
    7. Abdelkader Baaziz & Luc Quoniam, 2014. "Contribution to reduce risks related to strategic decisions in new uncertain competitive environments: The case of Algerian State-Owned Firms," Post-Print hal-01016127, HAL.
    8. Blossey, R. & Kinoshita, T. & Dupont-Roc, J., 1998. "Random-field Ising model for the hysteresis of the prewetting transition on a disordered substrate," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 248(3), pages 247-272.

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