Three studies to pinpoint the underlying dynamics related to risk-taking in skilled and chance situations are presented. Study 1 is an attempt to demonstrate that cognitive and motivational theories of risk-taking must be combined to account for individual differences in skilled situations. Here, both informational influences as related to uncertainty orientation (cf. Sorrentino & Short, 1986) and affective influences as related to achievement-related motives are examined. In support of these notions, this study found that individual differences in uncertainty orientation and achievement-related motives combine to produce the greatest preference or avoidance of moderate risk (as opposed to low or high) in a skilled situation. Studies 2 and 3 show that the effect for uncertainty orientation generalizes to chance situations. Gender differences were also found to combine or interact with these effects. Taken together, these 3 studies help to clarify many issues remaining in the risk-taking area.Risk-taking behavior in skilled situations has long been an enigma for theorists attempting to account for choice behavior as a function of motivation or cognition. Drawing on early work on level of aspiration (e.g., Lewin, Dembo, Festinger, & Sears, 1944), Atkinson (1964) developed his original theory of achievement motivation, in which risk-taking played a central role. His theory stated that success-oriented persons, or those in whom the motive to succeed is greater than the motive to avoid failure, should prefer moderate risk to low or high levels of risk. Conversely, failure-threatened persons, or those in whom the motive to avoid failure is greater than the motive to succeed, should most avoid or least prefer moderate risk to low or high levels of risk.For success-oriented persons, preference for moderate risk is a compromise between the incentive value of success, which would be greatest at very difficult tasks, and the probability of success, which would be greatest at easy tasks. Thus to maximize one's opportunity to obtain pride in accomplishment, one should choose a task that one can realistically achieve and that contains some incentive value-a moderately risky task. Failure-threatened persons, however, should prefer low or high risk, as one is likely to avoid failure at any easy task and feel Study 1 is based on a master's thesis by Patricia A. Raso-Knott. Studies 2 and 3 are based on a doctoral dissertation by Erin C. Hewitt.
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