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Measuring the Subjective Value of Risky and Ambiguous Options using Experimental Economics and Functional MRI Methods
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Decision-making competence predicts domain-specific risk attitudes.

Joshua A Weller1, Andrea Ceschi2, Caleb Randolph3

  • 1School of Psychological Science, Oregon State University Corvallis, OR, USA ; Decision Research, Eugene OR, USA.

Frontiers in Psychology
|June 2, 2015
PubMed
Summary

Decision-making competence (DMC) influences risk-taking by reducing perceived benefits, not just perceived risks. Higher DMC is linked to more rational evaluations of expected value in behavior.

Keywords:
DOSPERTdecision-making competencedomain-specific riskexpected valueindividual differencesrisk perceptionrisk-return modelrisk-taking

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Area of Science:

  • Psychology
  • Behavioral Economics
  • Decision Science

Background:

  • Decision-making competence (DMC) is linked to real-world risk behaviors.
  • The specific contribution of DMC to distinct risk attitude components remains unclear.

Purpose of the Study:

  • To investigate the association between risk attitudes and DMC within a psychological risk-return framework.
  • To examine how DMC influences risk-taking tendencies, risk perceptions, and expected benefits across various domains.

Main Methods:

  • An online survey assessed DMC and self-reported risk attitudes in 804 Italian community residents.
  • Risk attitudes were measured across six domains, encompassing risk-taking, risk perceptions, and expected benefits.
  • Structural equation modeling analyzed the relationships between DMC and risk attitude components.

Main Results:

  • Higher DMC performance was modestly and inversely associated with risk-taking tendencies.
  • DMC was consistently linked to lower perceived expected benefits across all domains.
  • The association between DMC and perceived risks varied by domain, with indirect effects via expected benefits being more influential than direct effects via perceived risk on risk-taking.

Conclusions:

  • DMC performance differentially impacts components of risk attitudes, particularly influencing the evaluation of expected benefits.
  • DMC's relationship with risk-taking is more strongly mediated by the assessment of expected value than by perceived risk.