THE PSYCHOLOGY OF
RISK TAKING BEHAVIOR
Rudiger M. TRIMPOP
Department of Industrial/Organizational Psychology
Ruhr University Bochum
Bochum
Germany
M
1994
NORTH-HOLLAND
AMSTERDAM • LONDON • NEW YORK • TOKYO
Table of Contents
xix
Foreword
Preface
Table of Contents
Lists of Tables and Figures
v
xi
xix
xxv
Chapter 1: What Is Risk Taking Behavior?
1.1 A Short Description of the Long History of Risk Taking
1.2 Definitions of Risk Taking
1.3 The Multifacetedness of Risk Taking
1
5
10
Chapter 2: How Do We Perceive Risks ?
2.1 Risk Perception and Risk Acceptance
15
2.1.1 Factors Influencing Risk Perception and Risk Acceptance
2.1.2 Research on Risk Perception and Risk Acceptance
2.2 Cross-Cultural Aspects of Risk Perception
2.2.1 Research Relating Culture and Risk Perception
2.2.2 Safety Culture
16
19
22
22
25
Chapter 3: Who Engages In Risk Taking Behavior ?
3.1 Risk Taking and the Theory of Evolution
3.1.1 Evolutionary Aspects of Human Mating as Risk Taking
3.1.2 Risk Taking Behavior and Optimal Chances of Survival
Physiological Reward Systems for Optimal Risk Taking
Evolution, Cognitive Abilities, and Attitudes
Genetic Personality Components Found in Twin Studies
3.1.3 Risk Taking as Evolutionarily Advantageous Behavior
28
29
38
39
43
44
49
3.2 Risk Taking and Arousal
3.2.1 Historically Early Arousal Theories
53
53
xx
The Psychology of Risk Taking Behavior
3.2.2 Drive Reduction Theories
3.2.3 Inverted-U Theories of Optimal Arousal
3.2.4 Theories Relating Cognition, Arousal and Risk Taking
Empirical Support for Arousal Theories
,
54
55
58
60
3.2.5 Critical Points in Inverted-U Arousal Theories
3.2.6 Risk Taking, Arousal, and Physiological Measurements
Heart Rate, and Heart Rate Variability (HRV)
Galvanic Skin Response (GSR)
Biochemical Analyses
- 3.2.7 Problems with Physiological Measurements
3.2.8 Psycho-Physiological Coping Mechanisms
Physiological Mechanisms Changing Levels of Arousal
Psychological Mechanisms to Change Undesired Arousal
63
65
67
68
69
69
70
70
74
3.3 Individual (Personality) Differences and Risk Taking
3.3.1 Strength of the Nervous System Theories
Pavlov's Approach
Strelau's and Gray's Physiological Personality Models
3.3.2 Eysenck's Personality Theory
3.3.3 Personality Theories and Criminal Risk Taking
Criticism of the Personality-Criminality Link
77
77
77
79
81
84
86
3.4 Risk Taking and Sensation Seeking
89
3.4.1 Zuckerman's Optimal Level of Arousal Theory
3.4.2 The Sensation Seeking Scale (SSS)
The Sensation Seeking Trait and Phenomenal Correlates
Sensation Seeking and Choices in Life
Sensation Seeking and Other Personality Theories
Criticism of Zuckerman's Theory of Sensation Seeking
3.5 Reversal Theory
3.5.1 Pleasant and Unpleasant Risk Taking (Reversal Theory)
89
92
93
95
97
99
101
101
The Concepts of Telic/Paratelic Dominance
Research on Reversal Theory
102
106
Table of Contents
Reversal Theory and Other Personality Theories
3.5.2 Reversal Theory and Risk Taking
xxi
108
110
Chapter 4:Which Situational Factors Influence Risk Taking Behavior ?
4.1 Decision Making Under Uncertainty
113
4.2 Historical Development of Expectancy x Value Theories
4.3 Modern Expectancy x Value Theories
4.3.1 Subjective Expected Utility Theory
4.3.2 Portfolio Theory
4.3.3 Prospect Theory
4.3.4 Conflict Theory
4.3.5 Rubikon Model
4.3.6 Two-Factor Theory for Risky Choice
4.3.7 Affective Balance Theory
4.3.8 Decision Making as a Product of Evolutionary Theory
4.3.9 Multi Attribute Utility Theory (MAUT)
4.3.10 Decision Field Theory and "Random Models"
4.4 Utility Theories and Risk Taking
114
117
117
118
118
120
120
121
122
123
124
125
127
Chapter 5: How Is Risk Taking Motivated and
Emotionally Experienced?
5.1 Risk Taking and Theories of Motivation
5.1.1 Risk Taking Behavior and Achievement Motivation
5.1.2 The Dynamics of Action Model of Motivation
129
131
133
5.1.3 Individual Differences in Risk Taking Motivation
5.1.4 Academic Risk Taking Motivation
135
137
5.2 Risk Taking and Emotions
5.2.1 The Motivating Role of Emotions in Risk Taking
Prime Theory
139
139
140
xxii
»
The Psychology of Risk Taking Behavior
Frijdas Laws of Emotion
5.2.2 Individual Differences in Affective Reactivity
5.2.3 Conscious and/or Unconscious Processing of Emotions
Izard's Four Systems for Emotion Activation
143
146
150
153
Leibnitz 1765 Concept of "Apperception"
5.2.4 Empirical Support for an Emotion - Risk Taking Link
Emotions and Evolution
The Influence of Emotions on Risk Taking Behavior
155
157
157
159
Chapter 6: What Controls Risk Taking Behavior ?
6.1 Personal Control: Definitions and Historical Concepts
6.2 Personal Control and Evolutionary Utility
6.3 Personal Control and Psycho-Biological Consequences
6.3.1 Personal Control, Stress and Vocational Behavior
6.4 Perceived Control and Risk Taking Behavior
6.5 Illusion of Control
162
165
167
170
172
174
6.6 The Two-Process Model of Perceived Control
6.6.1 Desire for Personal Control and Risk Taking
176
178
Chapter 7: What Are the Consequences of Risk Taking Behavior ?
7.1 Young People, Risk Taking Behavior and Accidents
7.2 Risk Taking Behavior and Sport Accidents
7.3 Risk Taking Behavior and Industrial Accidents
7.3.1 Human Error and Accidents
7.3.2 Influencing Occupational Risk Taking Behavior
7.4 Risk Taking and Traffic Accidents
7.4.1 Young Males and Traffic Accidents
7.4.2 Risk Taking Behavior and Motorcycling
7.4.3 Risk Taking Behavior, Alcohol and Traffic Accidents
183
185
188
189
192
196
197
199
200
Table of Contents
1AA Stress, Risk Taking and Traffic Accidents
7.5 Theories of Risk Taking Behavior in Traffic
7.5.1 Accident Proneness
7.5.2 Traffic Accident Models Focussing on Undesired Risk
xxiii
202
203
204
208
Chapter 8: How Do We Adapt to the Desire for and the
Control of Risk Taking Behavior ?
8.1 Risk Compensation B.ehavior and Risk Homeostasis Theory
212
8.2 Technical or Psychological Accident Countermeasures?
8.3 Risk Homeostasis Theory Applied to Accident Reduction
8.3.1 Financial Incentives to Reduce Risk Taking Behavior
8.3.2 Open Issues in Risk Homeostasis Theory
217
222
222
224
Chapter 9: How Can We Explain Risk Taking Behavior Holistically ?
9.1 Developing Risk Motivation Theory
9.1.1 Key Elements in Risk Taking Theories
9.1.2 The Components of Risk Motivation Theory
Risk Personality Factors and Risk History
Situational Risk Factors
Risk Perception
Physiological Target Level Appraisal
Emotional Target Level Appraisal
Cognitive Target Level Appraisal
Total Utility Assessment, Total Target Level of Risk
Motivation for Action, Action Plan
Continuing or Compensatory Action, Feedback
236
236
240
242
243
244
244
245
246
247
248
248
9.2 Research Examining Risk Motivation Theory
9.2.1 Methodological Requirements to Examine Risk Taking
9.2.2 Dice Rolling Experiment
250
250
255
xxiv
,
The Psychology of Risk Taking Behavior
Results of the Dice Experiment
9.2.3 The Psychomotor Experiment
Results of the Psychomotor Experiment
9.2.4 The Cognitive "Trivial-Pursuit Type" Experiment
Results of the Cognitive "Trivial-Pursuit Type" Experiment
9.2.5 Results Regarding Physiological and Emotional Measures
Physiological Measures
Emotional Mesures
9.2.6 Risk Personality and Risk History Assessment
256
258
262
266
268
270
270
271
272
Chapter 10: What Does Risk Motivation Mean for Our Daily Lives
as Researchers and as "Normal" Risk Takers ?
10.1 Research Implications of a Motivation for Risks
10.1.1 Is There a Personality Factor in Risk Taking ?
10.1.2 What Is Our Motive to Seek Out Risks ?
The Power of Incentives
280
280
282
283
10.1.3 How Do We Master and Control Our Risk Motivation ?
10.1.4 How Do We Compensate for Perceived Risks ?
What Differentiates RMT from RHT ?
10.1.5 Can We Describe Risk Taking Behavior Holistically ?
10.2 Implications of a Risk Motivation for the "Real Life"
10.2.1 Implications for Accident Reduction
10.2.2 The Insurmountable Desire for Challenges
in Our Daily Lives
285
287
287
288
290
290
292
10.3 Personal Conclusions
296
References
Author Index
Subject Index
297
361
377