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Risk Taking as a Function of Skill and Chance Orientations

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Risk Taking as a Function of Skill and Chance Orientations

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Abstract

Whether a person believes the outcomes of his decisions are dependent upon skill or chance presumably influences the riskiness of his choices. 32 undergraduates made a series of decisions while playing Jeopardy, a game which was perceived as requiring skill, and another series of decisions while playing a card game, the outcomes of which were believed to depend on chance. As expected, decisions made under a skill orientation were marked by (a) a higher mean level of risk, and (b) a less variable pattern of risk than decisions made under a chance orientation. However, attempts to identify the process that mediated the relationship between skill-chance orientation and risk taking were unsuccessful. (PsycINFO Database Record (c) 2012 APA, all rights reserved)

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... Relative risk preference often increases when less is at stake (Coombs, Donnel and Kirk, 1978) and when potential negative outcomes of a risky action are remote in time (Jones and Johnson, 1973). Risk taking increases when the task is perceived as based on skill rather than chance (Lupfer and Jones, 1971) and when social support for potential risky actions is available. Fatigue, leading to a desire to avoid effort, can produce risk taking (Barth, Holding and Stamford, 1976) and a loss following a previous conmitment of resources often increases risky investment of additional resources ("throwing good money after bad") when a decision maker feels personally responsible for the previous commitment (Staw, 1976). ...
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This bibliography was compiled in April 1977 to facilitate study in the rapidly expanding field of the psychology of gambling. The majority of references are to scientific books and journals. Also included are references to novels, biographies, and magazines. The references are intended to be of use to many different groups: social scientists, governments, journalists, clinical psychologists, psychiatrists, students, gamblers, teachers, and educated others. © 1979 Informa UK Ltd All rights reserved: reproduction in whole or part not permitted.
Article
This bibliography was compiled in order to encourage research in the relatively neglected area of the psychology of gambling, risk taking, and personality. The majority of references are from standard psychological journals; some are from other social science journals. Also included are references to nontechnical sources such as magazines, novels, and biographies that provide information on the psychology of gambling and the gambler.
Contemporary efforts relevant to the development of a theory of technological hazard and risk assessment are surveyed. Taxonomies of the types and scope of risks, as well as risk magnitudes and individual or group prospensity for risk taking, are described as are cognitive perceptions of risk and hazard issues. Methodological needs to enable efficacious assessment of the effects of potential risks and associated resource allocation are discussed. Copyright © 1980 by The Institute of Electrical and Electronics Engineers, Inc.
Article
Determined relationships among 8 measures of the need for achievement (n Ach) and 12 measures of risk preference, and empirically tested the J. W. Atkinson (see 33:2) risk-taking model involving relationships between the measures. 198 undergraduate males were administered a battery of measures over a 4-wk period. Analysis of the data revealed: (1) low nonsignificant correlations among n Ach measures, (2) extremely poor reliability (both internal consistency and test-retest) for traditional n Arch measures, (3) low convergence across risk preferences in a variety of contexts, and (4) confirmation of the Atkinson model only for risk preferences in vocational choices. Factor analyses of both n Ach and risk-preferences measures provided evidence of the multidimensional nature of these constructs. Results indicate that the several n Ach indexes do not measure the same thing and must not be used interchangeably. (2 p. ref.) (PsycINFO Database Record (c) 2012 APA, all rights reserved)