Risk attitudes are of interest to researchers in many fields as they play a crucial role in our day-to-day decision-making. In this paper we develop a measure of risk attitudesthe Multi-Domain Risk Tolerance (MDRT) scalethat addresses some key shortcomings of popular self-report scales, such as the Domain-Specific Risk-Taking (DOSPERT) scale. We do this by clearly aligning the risk in the items with the particular domain of risk, reducing item ambiguity, and reducing the impact of prior knowledge. We developed the MDRT using an Exploratory Graph Analysis (EGA) and Item Response Theory (IRT) approach with a community sample (N = 921). We examined its construct and convergent validity (N = 493) and construct generalizability (N = 487). We found that the MDRT had excellent internal consistency, dimensionality and latent factor structure. The MDRT also demonstrated significant convergent validity with related scales used in the literature. The MDRT is shown to be a promising alternative measure of risk attitudes.
An individual's attitude toward risk is often measured by their behavioral tendency in risky situations. However, commonly used self-report measures of risk attitudes often do not explicitly specify "risk" in all the items, which results in an unsystematic mix of both perceived uncertainty and risk (as loss). Thus, an individual's endorsement of those items can vary as a function of not only the latent construct of attitudes toward risk, but also factors including prior knowledge and affective reaction to uncertainty. Two studies were carried out to examine the extent to which participants perceive behavioral tendency items as entailing uncertainty or risk (as loss) and how behavioral tendency can be influenced by prior knowledge. Results indicate that endorsement of behavioral tendency was significantly greater when "risk" information was implicit when compared with items that had explicit information to contextualize the uncertainty or risk. Furthermore, prior knowledge had a significantly stronger influence on the endorsement of items in which risk information was implicit than on the explicit uncertainty/risk items. Finally, uncertainty and risk in the items appeared to influence behavioral tendency significantly via emotional responses to the items. This research highlights the need for researchers to more adequately control for different sources of variability when measuring the desired construct of attitude toward risk.
The DOSPERT scale has been used extensively to understand individual differences in risk attitudes across varying decision domains since 2002. The present study reports a reliability generalization meta-analysis to summarize the internal consistency of both the initial and the revised versions of DOSPERT. It also examined factors that can influence the reliability of the DOSPERT and its subscales. A total of 104 samples (N = 30,109) that reported 465 coefficient alphas were analyzed. Results of meta-regression models showed that the overall coefficient alpha of the DOSPERT total scores was satisfactory, regardless of the scale and study characteristics. Coefficient alphas varied significantly across domain subscales, with values ranging from .68 for the social domain to .80 for the recreational domain. In addition, the alpha coefficients of subscales varied significantly depending on various study characteristics. Finally, we report the meta-analysis of the intercorrelations among DOSPERT subscales and reveal that intercorrelations among the subscales are heterogeneous. We discuss the theoretical implications of the present findings.
The literature has shown that different types of moral dilemmas elicit discrepant decision patterns. The present research investigated the role of uncertainty in contributing to these decision patterns. Two studies were conducted to examine participants' choices in commonly used dilemmas. Study 1 showed that participants' perceived outcome probabilities were significantly associated with their moral choices, and that these associations were independent from the dilemma type. Study 2 revealed that participants had significantly less preference for killing the individual when the outcome probabilities were stated using the modal verb 'will' than when they were stated using the numerical phrasing of '100%'. Our findings illustrate a discord between experimenter and participant in the interpretation of task instructions.
Risk attitudes are known to play an important role in influencing one’s behavior under conditions of uncertainty. To date, cultural influences on risk attitudes - beyond the effects they have on perceived risk - have not been well understood. Having a cross-culturally invariant measure of risk attitudes is a prerequisite for carrying out more in depth explorations in this area. The current study applied the domain-specific risk attitudes framework and focused on the Chinese and US cultural contexts. Using novel network analysis techniques, we explored domain-specific patterns of risk attitudes in Chinese and US community samples and we subsequently developed a version of the Multi-Domain Risk Tolerance scale (MDRT-EC) that had similar applicability in both samples. The MDRT-EC demonstrated excellent psychometric characteristics and achieved strong measurement invariance across both samples. The associations between MDRT-EC domain scales and criterion scales were also similar between the two samples, further indicating the measurement invariance of the MDRT-EC. Finally, we used the MDRT-EC to explore cultural differences in risk attitudes across domains and their predictive relations with a range of lifestyle behaviors.
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