Between Hope and Fear: The Psychology of Risk.

Abstract

Psychophysical theories of risk (e.g., Bernoullian utility theory, prospect theory) are compared with motivational theories (e.g., those of McClelland and Atkinson). A new theory is proposed that describes risk taking in terms of two factors: Factor 1 is a dispositional variable involving motivation for security risk versus potential risk. This factor distinguishes averse and risk seeking individuals and reflects primarily whether the individual is motivated to avoid bad outcomes or to achieve good outcomes. Factor 2 is a situational variable involving current level of aspiration. In the theory, these two factors are sometimes in correspondence and sometimes in conflict, predicting complex patterns of data. Evidence is presented to support the theory and the relationship of the theory to other concepts (e.g., safety-first, disappointment, regret, emotion, aesthetics) is discussed. Keywords: decision making, motivation.

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Document Details

Document Type
Technical Report
Publication Date
May 01, 1986
Accession Number
ADA168207

Entities

People

  • Lola L. Lopes

Tags

Communities of Interest

  • Biomedical
  • C4I
  • Human Systems
  • Materials and Manufacturing Processes
  • Weapons Technologies

DTIC Thesaurus Topics

  • Air Force
  • Applied Psychology
  • Biological Sciences
  • Commerce
  • Computers
  • Defense Mechanisms
  • Economics
  • Human Behavior
  • Human Factors Engineering
  • Information Science
  • Military Research
  • Money
  • New York
  • Psychology
  • Social Psychology
  • Students
  • Systems Engineering

Fields of Study

  • Psychology

Readers

  • Artificial Intelligence
  • Aviation Safety Risk Assessment.
  • Organizational Psychology.