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Most theoretical analyses of risky choices depict each option as a gamble that can yield various outcomes with different probabilities. [2] Widely accepted risk-aversion theories, including Expected Utility Theory (EUT) and Prospect Theory (PT), arrive at risk aversion only indirectly, as a side effect of how outcomes are valued or how probabilities are judged. [3]
The dual systems model proposes that mid-adolescence is the time of highest biological propensity for risk-taking, but that older adolescents may exhibit higher levels of real-world risk-taking (e.g., binge drinking is most common during the early 20s) [18] [19] not due to greater propensity for risk-taking but due to greater opportunity. [12]
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [3]
Factors of risk perceptions. Risk perception is the subjective judgement that people make about the characteristics and severity of a risk. [1] [2] [3] Risk perceptions often differ from statistical assessments of risk since they are affected by a wide range of affective (emotions, feelings, moods, etc.), cognitive (gravity of events, media coverage, risk-mitigating measures, etc.), contextual ...
Appraisal theory is the theory in psychology that emotions are extracted from our evaluations (appraisals or estimates) of events that cause specific reactions in different people. Essentially, our appraisal of a situation causes an emotional, or affective, response that is going to be based on that appraisal. [ 1 ]
The Vulnerability/Risk Model: According to this model, personality contributes to the onset or etiology of various common mental disorders. In other words, pre-existing personality traits either cause the development of CMDs directly or enhance the impact of causal risk factors.
In risk-taking literature, diffusion of responsibility occurs when individual members of a group feel less personal responsibility for potential failure in the pursuit of risky options than if acting alone. [33] [34] Such risky shift is a stable phenomenon that has been shown in experiments involving group discussion and consensus.
Each influential factor is generally measured by asking questions through a survey. For example, Boer (2005) studied on intention of condom use to prevent from getting AIDS guided by protection motivation theory. The study asked the following questions to individuals: "If I do not use condoms, I will run a high risk of getting HIV/AIDS."