Risk Attitude Measures

Risk attitude is formally modeled as the shape of a decision maker’s utility profile (see Weber, Blais, & Betz (2002) for an overview of different risk frameworks). Measures of risk attitude assess decision makers’ perceptions of risk and/or their preferred levels of risk. We distinguish between three separate approaches to measurement of risk attitude:
  1. Behavioral measures of risk determine individuals' risk preferences from actual choices made in games or scenarios, both real and hypothetical
  2. Measures of risk attitude use self-report questionnaires that directly query individuals about risky situations
  3. Measures of personality traits related to risk assess risk attitude through individuals’ self-reports of personality traits related to risk-taking and aversion.

Closely related to risk attitude is ambiguity attitude. Ambiguity is defined as "uncertainty about uncertainty" (see Lauriola, Levin, and Hart, 2007). An alternate and broader definition of ambiguity is insufficient information. Measures of ambiguity (in)tolerance are closely related to epistemic motivation measures, such as Need for (Cognitive) Closure.

Behavioral Measures of Risk

Angling Risk Task (ART) Pleskac (2008)
Balloon Analog Risk Task (BART) Lejuez et al. (2002)
Bomb Risk Elicitation Task (BRET) Crosetto & Filippin (2012)
Cat & Mouse Risk Task Figner & Schaub (2009)
Columbia Card Task (CCT) Figner et al. (2009)
Cups Task Levin & Hart (2003)
Devil's Task Slovic (1966)
Distribution Builder Goldstein et al. (2008)
Dynamic Experiments for Estimating Preferences: Risk (DEEP Risk) Toubia et al. (2012)
Iowa Gambling Task Bechara et al. (1994)
Multi-Outcome Risky Decision Task Lopes & Oden (1999)
Reyna & Ellis Risk Task Reyna & Ellis (1994)
Risk-taking Propensity Measures MacCrimmon & Wehrung (1985)
Sequential Investment Task (SIT) Frey, Rieskamp, & Hertwig (2015)
Two-Outcome Risky Decision Task Lauriola et al. (2007)
Miscellaneous tasks (e.g., gambles, lotteries, or vignettes) Dahlbäck (1990)
Holt & Laury (2002)
McDougal (1995)
Seta et al. (2001)
Tanaka et al. (2006)

Measures of Risk Attitude

Attitudes to Risk Taking Grol et al. (1990)
Business Risk Propensity Scale (BRPS) Sitkin & Weingart (1995)
Choice Dilemmas Questionnaire (CDQ) Kogan & Wallach (1964)
Cognitive Appraisal of Risky Events (CARE and CARE-Revised) Fromme et al. (1997)
Domain Specific Risk Attitude (DoSpeRT) Weber et al. (2002)
Evaluation of Risk Scale (EVAR) Sicard et al. (1999)
General_Risk_Propensity_Scale (GRiPS) Zhang, Highhouse, & Nye (2018)
Passive Risk Taking Scale (PRT) Keinan & Bereby-Meyer (2012)
Risk Avoidance Scale (RAS), one sub-scale of the Personality/Attitude Schedule Shure & Meeker (1967)
Risk Propensity Scale Nicholson et al. (2004)
Risk-taking Propensity Jackson et al. (1971, 1972)
Risk-taking Propensity Measures MacCrimmon & Wehrung (1985)
Safe Asset vs. Risky Task (SAVR) Kramer & Weber (2012)
Stimulating-Instrumental Risk Inventory Zaleskiewicz (2001)

Measures of Personality Traits Related to Risk

Some of these measures are also listed under
Inventories: Other, Constructs: Impulsiveness, Constructs: Cultural, or Motivation: Fears & Needs.
Arnett Inventory of Sensation Seeking (AISS) Arnett (1994)
Cultural Cognition Worldview Scales (CCWS) Kahan (2012)
Eysenck's Impulsivity Inventory Eysenck & Eysenck (1978)
Eysenck Personality Questionnaire (EPQ) Eysenck & Eysenck (1975)
Jackson Personality Inventory (JPI) Jackson (1976)
Need for Arousal Figner et al. (2009)
Risk-taking Propensity Measures MacCrimmon & Wehrung (1985)
Resistance to Change (RTC) Oreg (2003)
Sensation Seeking Scale (SSS) Zuckerman et al. (1978)
Zuckerman-Kuhlman Personality Questionnaire (ZKPQ) Zuckerman & Kuhlman (1993)

Measures of Ambiguity Attitude

Ambiguity-Probability Tradeoff Task Lauriola & Levin (2001)
Ambiguity Tolerance
MacDonald (1970)
Budner (1962)
Foscha et al. (in press)
McLain (1993)
For related measures, see also Epistemic Motivation and especially Need for (Cognitive) Closure.

References


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