Risk Taking on Objective Examinations

Abstract

In many instances an individual is faced with a set of actions, each of which is associated with a stake to be lost if the action taken is unsuccessful and a prize to be won if the action taken is successful. By some decision process the individual must select a single action from the entire set of possible actions. This process of selection is no doubt a highly complex one, and may differ not only for various individuals at the same time, but also for the same individual at different times. One variable conjectured as entering into this selection process is the presumed trait of risk taking. Recently, risk taking has become an increasingly important variable in educational and psychological research. Indeed, a book by Kogan and Wallach (1964) is devoted entirely to risk taking and its relation to motivation, personality, intelligence, etc.