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Evaluating Risk Propensity Using an Objective Instrument

Published online by Cambridge University Press:  10 January 2013

Manuel J. Sueiro Abad ,
Iván Sánchez-Iglesias  and
Alejandra Moncayo de Tella
Manuel J. Sueiro Abad*
Affiliation:
Universidad Complutense de Madrid (Spain)
Iván Sánchez-Iglesias
Affiliation:
Universidad Complutense de Madrid (Spain)
Alejandra Moncayo de Tella
Affiliation:
Universidad Autónoma de Madrid (Spain)
*
Correspondence concerning this article should be addressed to Manuel J. Sueiro Abad. Departamento de Metodología y Ciencias del Comportamiento. Universidad Complutense de Madrid. Campus de Somosaguas. 28223 Pozuelo de Alarcón. Madrid. (Spain). E-mail: [email protected]
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Abstract

Risk propensity is the stable tendency to choose options with a lower probability of success, but greater rewards. Its evaluation has been approached from various perspectives: from self-report questionnaires to objective tests. Self-report questionnaires have often been criticized due to interference from voluntary and involuntary biases, in addition to their lack of predictive value. Objective tests, on the other hand, require resources that make them difficult to administer to large samples. This paper presents an easy-to-administer, 30-item risk propensity test. Each item is itself an objective test describing a hypothetical situation in which the subject must choose between three options, each with a different gain function but equivalent in expected value. To assess its psychometric fit, the questionnaire was administered to 222 subjects, and we performed a test of its reliability as well as exploratory factor analysis. The results supported a three-factor model of risk (Sports and Gambling, Long-term Plans, and Loss Management). After making the necessary adjustments and incorporating a global factor of risk propensity, confirmatory factor analysis was done, revealing that the data exhibited adequate goodness of fit.

La tendencia al riesgo es una propensión estable a elegir opciones con menores probabilidades de éxito pero   mayores recompensas. Su evaluación se ha abordado desde diferentes perspectivas: mediante cuestionarios de autoinforme y pruebas objetivas. El autoinforme ha sido frecuentemente criticado por la interferencia de sesgos voluntarios e involuntarios, y falta de validez predictiva. Las pruebas objetivas requieren recursos que hacen que sean difíciles de aplicar a grandes muestras de sujetos. Este trabajo presenta un test de tendencia al riesgo de treinta ítems de fácil aplicación. Cada ítem es en sí mismo una prueba objetiva que presenta al sujeto una situación hipotética en la que tiene que elegir entre tres opciones, cada una con una función de ganancia diferente pero equivalentes en su esperanza matemática. Para valorar sus bondades psicométricas, se aplicó el cuestionario a 222 sujetos y se realizaron análisis de fiabilidad y de validez factorial exploratorio. Los resultados apoyaron un modelo del riesgo en tres factores (deportes y juegos de azar, planes a largo plazo y prevención de pérdidas). Tras los ajustes necesarios al adoptar este modelo, e incluyendo un factor global de tendencia al riesgo, un análisis factorial confirmatorio mostró que los datos presentaban un ajuste adecuado.

Keywords

risk propensityobjective testingtendencia al riesgoevaluación objetiva
Type
Research Article
Information
The Spanish Journal of Psychology , Volume 14 , Issue 1 , May 2011 , pp. 392 - 410
Copyright
Copyright © Cambridge University Press 2011

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