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Updated: May 2, 2026

Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
Published on: September 19, 2012
Knowing where to draw the line: perceptual differences between risk-takers and non-risk-takers
Adam T Biggs1, Paul C Stey2, Christopher C Davoli3
1Duke University, Durham, North Carolina, United States of America.
Abstract:
There are a variety of reasons someone might engage in risky behaviors, such as perceived invulnerability to harm or a belief that negative outcomes are more likely for others than for oneself. However, these risk-taking biases are often measured at a decision-making level or from the developmental perspective. Here we assessed whether or not risk-taking influenced perceptual judgments associated with risk. Participants were provided an objective task to measure individual differences in the perception of physical dimensions (i.e., actual size of a balloon) versus the perception of risk (i.e., size at which the balloon would explode). Our results show that specific differences in risk-taking personalities produce specific differences in perceptual judgments about risk, but do not affect perception of the actual dimensions. Thus, risk-takers differ from non-risk-takers in the perceptual estimations they make about risks, and therefore may be more likely to engage in dangerous or uncertain behaviors because they perceive risks differently.
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