Domain Specific Risk Attitude Scale

2002 ◽  
Author(s):  
Elke U. Weber ◽  
Ann-Renée Blais ◽  
Nancy Betz
Keyword(s):  
Risk Attitude ◽  
Attitude Scale ◽  
Domain Specific ◽  
Specific Risk

Toward Considering Risk Attitudes in Engineering Organizations Using Utility Theory

2012 ◽  
Author(s):  
Douglas Van Bossuyt ◽  
Chris Hoyle ◽  
Irem Y. Tumer ◽  
Andy Dong ◽  
Toni Doolen ◽  
...  
Keyword(s):  
Decision Making ◽  
Risk Attitude ◽  
Expected Value ◽  
Utility Functions ◽  
Risk Attitudes ◽  
Risk Averse ◽  
Past Performance ◽  
Domain Specific ◽  
Specific Risk ◽  
Engineering Organizations

Design projects within large engineering organizations involve numerous uncertainties that can lead to unacceptably high levels of risk. Practicing designers recognize the existence of risk and commonly are aware of events that raise risk levels. However, a disconnect exists between past project performance and current project execution that limits decision-making. This disconnect is primarily due to a lack of quantitative models that can be used for rational decision-making. Methods and tools used to make decisions in risk-informed design generally use an expected value approach. Research in the psychology domain has shown that decision-makers and stakeholders have domain-specific risk attitudes that often have variations between individuals and between companies. Risk methods used in engineering such as Failure Modes and Effects Analysis (FMEA), Fault Tree Analysis (FTA), and others are often ill-equipped to help stakeholders make decisions based upon risk-tolerant or risk-averse decision-making conditions. This paper focuses on the specific issue of helping stakeholders make decisions under risk-tolerant or risk-averse decision-making conditions and presents a novel method of translating engineering risk data from the domain of expected value into a domain corrected for risk attitude. This is done by using risk utility functions derived from the Engineering-Domain-Specific Risk-Taking (E-DOSPERT) test. This method allows decisions to be made based upon data that is risk attitude corrected. Further, the method uses an aspirational measure of risk attitude as opposed to existing lottery methods of generating utility functions that are based upon past performance. An illustrative test case using a simplified space mission designed in a collaborative design center environment is included. The method is shown to change risk-informed decisions in certain situations where a risk-tolerant or risk-averse decision-maker would likely choose differently than the dictates of the expected value approach.

An Evolutionary Domain-Specific Risk Scale

2013 ◽  
Author(s):  
Andreas Wilke ◽  
Amanda Sherman ◽  
Bonnie Curdt ◽  
Sumona Mondal ◽  
Carey Fitzgerald ◽  
...  
Keyword(s):  
Domain Specific ◽  
Specific Risk ◽  
Risk Scale

An evolutionary domain-specific risk scale.

2014 ◽  
Vol 8 (3) ◽  
pp. 123-141 ◽  
Author(s):  
Andreas Wilke ◽  
Amanda Sherman ◽  
Bonnie Curdt ◽  
Sumona Mondal ◽  
Carey Fitzgerald ◽  
...  
Keyword(s):  
Domain Specific ◽  
Specific Risk ◽  
Risk Scale

scholarly journals Risk taking, perceived risks, and perceived benefits across adolescence: A domain-specific risk-return approach

2021 ◽  
Author(s):  
Neeltje Blankenstein ◽  
Jorien van Hoorn ◽  
Tycho Dekkers ◽  
Arne Popma ◽  
Brenda Jansen ◽  
...  
Keyword(s):  
Longitudinal Study ◽  
Risk Taking ◽  
Control Group ◽  
Perceived Benefits ◽  
Perceived Risks ◽  
Domain Specific ◽  
Risk Return ◽  
Risks And Benefits ◽  
Specific Risk ◽  
Adolescent Risk

Adolescence is a phase of heightened risk taking compared to childhood and adulthood, which is even more prominent for specific adolescent populations, such as youth with attention-deficit/hyperactivity disorder (ADHD). Until now little is known about how perceived risks and benefits relate to adolescent risk taking. Here, we used the adolescent version of the Domain-Specific Risk-Taking (DoSpeRT) scale to investigate the likelihood of risk taking, perceived risks, perceived benefits, and their tradeoff in two studies. In the first longitudinal study, 375 11-to-23-year-olds completed the DOSPERT one up to three times. A second biannual longitudinal study included 180 11-to-20-year old boys diagnosed with ADHD (N=81), and an IQ and age-matched control group (N=99). Using mixed-effects models, we found a peak in likelihood of risk taking in mid-to-late adolescence, but only in the health/safety, ethical, and social domains of risk taking, with similar curvilinear patterns in perceived benefits (peaks) and perceived risks (dips). In both cohorts, perceived risks and benefits were significant predictors of risk taking in all domains, and perceived benefits related more strongly to risk taking than perceived risks. Moreover, perceived benefits increasingly related to risk taking across adolescence, a pattern that was found in recreational risk taking in both studies. Generally, we observed little differences in risk taking, and perceived risks and benefits between the ADHD and control group. However, risk-return models indicated that adolescents with ADHD displayed a heightened likelihood of risk-taking behavior in the social domain, and their perceived risks related less strongly to risk taking, relative to typically developing adolescents. Taken together, our results are consistent with the developmental peak in risk taking observed in real life and highlight the role of perceived risks and benefits in risk taking. These findings provide tentative entry points for possible prevention and intervention.

Domain-Specific Risk-Taking Scale

2006 ◽  
Author(s):  
Ann-Renee Blais ◽  
Elke U. Weber
Keyword(s):  
Risk Taking ◽  
Domain Specific ◽  
Specific Risk

Evolutionary Domain-Specific Risk Scale

2014 ◽  
Author(s):  
Andreas Wilke ◽  
Amanda Sherman ◽  
Bonnie Curdt ◽  
Sumona Mondal ◽  
Carey Fitzgerald ◽  
...  
Keyword(s):  
Domain Specific ◽  
Specific Risk ◽  
Risk Scale

On Measuring Engineering Risk Attitudes1

2013 ◽  
Vol 135 (12) ◽  
Author(s):  
Douglas L. Van Bossuyt ◽  
Andy Dong ◽  
Irem Y. Tumer ◽  
Lucila Carvalho
Keyword(s):  
Professional Practice ◽  
Engineering Students ◽  
Risk Attitude ◽  
Engineering Ethics ◽  
Risk Attitudes ◽  
Engineering Practice ◽  
Design Decisions ◽  
Personal Attitude ◽  
Domain Specific ◽  
Risk Processes

Risk management is a critical part of engineering practice in industry. Yet, the attitudes of engineers toward risk remain unknown and are not measured. This paper presents the development of a psychometric scale, the engineering-domain-specific risk-taking (E-DOSPERT) test, to measure engineers' risk aversion and risk seeking attitudes. Consistent with a similar psychometric scale to assess general risk attitudes, engineering risk attitude is not single domain and is not consistent across domains. Engineers have different risk attitudes toward five identified domains of engineering risk: processes, procedures and practices; engineering ethics; training; product functionality and design; and legal issues. Psychometric risk profiling with E-DOSPERT provides companies a standard to assess domain-specific engineering risk attitude within organizations and across organizations. It provides engineering educators a standard to assess the understanding of engineering students to the types of risks they would encounter in professional practice and their personal attitude toward responding to those risks. Appropriate interventions can then be implemented to shape risk attitudes as appropriate. Risk-based design decisions can also be shaped by a better understanding of engineer and customer risk attitude. Understanding engineers' risk attitudes is crucial in interpreting how individual engineers will respond to risk in their engineering activities and the numerous design decisions they make across the various domains of engineering risk found in professional practice.

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