Related Experiment Video
Updated: Jun 9, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
The risk game
1Decision Research, 1201 Oak Street, Eugene, OR 97401, USA. pslovic@oregon.uoregon.edu
Abstract:
In the context of health, safety, and environmental decisions, the concept of risk involves value judgments that reflect much more than just the probability and consequences of the occurrence of an event. This article conceptualizes the act of defining and assessing risk as a game in which the rules must be socially negotiated within the context of a specific problem. This contextualist view of risk provides insight into why technical approaches to risk management often fail with problems such as those involving radiation and chemicals, where scientific experts and the public disagree on the nature of the risks. It also highlights the need for allowing the interested and affected parties to define and play the game, thus emphasizing the importance of institutional, procedural, and societal processes in risk management decisions.
Related Concept Videos
Framing Effects
Bias
In statistics, a sampling bias is created when a sample is collected from a population, and some members of the population are not as likely to be chosen as others (remember, each member...
Types of Biopharmaceutical Studies: Controlled and Non-Controlled Approaches
Non-controlled studies, commonly employed for initial exploration, lack a control group, rendering them susceptible to biases and external influences. In contrast, controlled...
Relative Risk
Hazard Rate
Hazard Ratio
For example, in a clinical trial evaluating a...

