Frey, Renato and Pedroni, Andreas and Mata, Rui and Rieskamp, Jörg and Hertwig, Ralph. (2017) Risk preference shares the psychometric structure of major psychological traits. Science Advances, 3 (10). e1701381.
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Official URL: http://edoc.unibas.ch/56522/
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Abstract
To what extent is there a general factor of risk preference, R, akin to g, the general factor of intelligence? Can risk preference be regarded as a stable psychological trait? These conceptual issues persist because few attempts have been made to integrate multiple risk-taking measures, particularly measures from different and largely unrelated measurement traditions (self-reported propensity measures assessing stated preferences, incentivized behavioral measures eliciting revealed preferences, and frequency measures assessing actual risky activities). Adopting a comprehensive psychometric approach (1507 healthy adults completing 39 risk-taking measures, with a subsample of 109 participants completing a retest session after 6 months), we provide a substantive empirical foundation to address these issues, finding that correlations between propensity and behavioral measures were weak. Yet, a general factor of risk preference, R, emerged from stated preferences and generalized to specific and actual real-world risky activities (for example, smoking). Moreover, R proved to be highly reliable across time, indicative of a stable psychological trait. Our findings offer a first step toward a general mapping of the construct risk preference, which encompasses both general and domain-specific components, and have implications for the assessment of risk preference in the laboratory and in the wild.
Faculties and Departments: | 07 Faculty of Psychology > Departement Psychologie > Society & Choice > Cognitive and Decision Sciences (Mata) |
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UniBasel Contributors: | Mata, Rui |
Item Type: | Article, refereed |
Article Subtype: | Research Article |
Publisher: | American Association for the Advancement of Science |
ISSN: | 2375-2548 |
Note: | Publication type according to Uni Basel Research Database: Journal article |
Language: | English |
Identification Number: |
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edoc DOI: | |
Last Modified: | 25 Sep 2018 14:49 |
Deposited On: | 17 Nov 2017 12:15 |
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