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Assessing risk-taking: what to measure and how to measure it

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  • Alexandre Bran
  • David C. Vaidis

Abstract

Risk-taking has been a major field of interest for scientists and for applied purposes since decades. However, many researchers have noted that the current measurement instruments fail to show adequate validity and predictive power. Given the recent calls to develop new measures, this paper aims to highlight six key points that should be kept in mind when constructing or using measures of risk-taking concepts. Specifically, we encourage risk-taking scholars (a) to pay close attention to the terminology used in studies, (b) to distinguish measures of general and specific risk-taking, (c) to distinguish risk-taking from the appeal of risky activities, (d) to keep in mind the subjectivity of risk-taking, (e) to consider the measurement of passive risk-taking, and (f) to favour more realistic risk-taking tasks. Overall, these recommendations should help researchers to design and use more relevant risk-taking measures.

Suggested Citation

  • Alexandre Bran & David C. Vaidis, 2020. "Assessing risk-taking: what to measure and how to measure it," Journal of Risk Research, Taylor & Francis Journals, vol. 23(4), pages 490-503, April.
    • Handle: RePEc:taf:jriskr:v:23:y:2020:i:4:p:490-503
    DOI: 10.1080/13669877.2019.1591489
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    Cited by:

    1. Donata Bessey, 2021. "Testing a One-Item Risk Measure to Predict Alameda Seven Health Behaviors in the Republic of Korea," IJERPH, MDPI, vol. 18(1), pages 1-17, January.
    2. Roumboutsos, Athena & Pantelias, Aristeidis, 2021. "Addressing infrastructure investor risk aversion: Can project delivery resilience ratings help?," Utilities Policy, Elsevier, vol. 71(C).
    3. Gundula Glowka & Richard Hule & Anita Zehrer, 2024. "Risk perception of SMEs: strategic risks, family-related risks, external risks," Risk Management, Palgrave Macmillan, vol. 26(4), pages 1-27, December.
    4. repec:cup:judgdm:v:16:y:2021:i:1:p:20-35 is not listed on IDEAS
    5. Soane, Emma & Aufegger, Lisa, 2024. "Changing risk-taking: the effects of tasks and incentives on the variability of risk-taking," LSE Research Online Documents on Economics 124339, London School of Economics and Political Science, LSE Library.
    6. Valeria Superti & Cynthia Houmani & Ralph Hansmann & Ivo Baur & Claudia R. Binder, 2021. "Strategies for a Circular Economy in the Construction and Demolition Sector: Identifying the Factors Affecting the Recommendation of Recycled Concrete," Sustainability, MDPI, vol. 13(8), pages 1-32, April.
    7. Ruty Keinan & Tali Idan & Yoella Bereby-Meyer, 2021. "Compliance with COVID-19 prevention guidelines: Active vs. passive risk takers," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 16(1), pages 20-35, January.

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