The relative input of perceived risk and benefit in risky choices: a two-step model of risk preferences

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cris.lastimport.scopus2025-08-30T03:16:01Z
dc.abstract.enThe most salient characteristic of a risky choice is an approach–avoidance conflict—a desire to maximize benefits and minimize risk. This conflict is directly addressed in Risk–Value (R–V) models. Our goal is to determine to what extend the positive correlation between risk and value assumed in these models actually holds, as it is a necessary condition for tradeoffs. If people do not perceive a R–V relation as positive, there is no conflict, and decisions may be made on the basis of either criterion according to a lexicographic strategy, whereby either the least risky or the most beneficial option is chosen. The dependence between perception of the R–V relation and decision strategies was tested in three studies performed with 411 university students. Experimental (Studies 1–3) and questionnaire (Studies 2–3) measurements were used. In experiments, participants rated riskiness of two-outcome lotteries and made choices between a lottery and a sure thing. The perceived R–V relation was also investigated by way of three scales in the Domain-Specific Risk-Taking (DOSPERT) questionnaire—willingness to take risk (RT), perceived risk (PR), and expected benefits (EB). Our findings support the hypothesis that perception of a positive R–V relation is necessary for trade-offs—the PR and EB scores are positively correlated for those, who make trade-offs. When the scores on the PR and EB scales are negatively correlated, preferences are described as a function of either perceived risk, or EB only.
dc.affiliationWydział Psychologii w Warszawie
dc.affiliationInstytut Psychologii
dc.contributor.authorSokołowska-Pohorille, Joanna
dc.contributor.authorMichalaszek, Agata
dc.contributor.authorGugala, Ida
dc.date.access2025-07-22
dc.date.accessioned2025-07-22T10:14:58Z
dc.date.available2025-07-22T10:14:58Z
dc.date.created2021-09-13
dc.date.issued2021-09-13
dc.description.accesstimeafter_publication
dc.description.grantnumber2014/13/B/ HS4/01533
dc.description.granttitleStrategie inwestorów giełdowych w okresie koniunktury, stagnacji i dekoniunktury
dc.description.issue4
dc.description.physical327-345
dc.description.versionfinal_author
dc.description.volume8
dc.identifier.doi10.1037/dec0000129
dc.identifier.issn2325-9965
dc.identifier.urihttps://share.swps.edu.pl/handle/swps/1614
dc.identifier.weblinkhttps://psycnet.apa.org/buy/2021-82656-001
dc.languageen
dc.pbn.affiliationpsychologia
dc.rightsCC-BY
dc.rights.explanationzamknięty dostęp
dc.rights.questionYes_rights
dc.share.articleOPEN_REPOSITORY
dc.subject.enperceived risk
dc.subject.enR–V models
dc.subject.enaffect heuristic
dc.subject.enlexicographic risk preferences
dc.swps.sciencecloudnosend
dc.titleThe relative input of perceived risk and benefit in risky choices: a two-step model of risk preferences
dc.title.journalDecision
dc.typeJournalArticle
dspace.entity.typeArticle