This paper reports an investigation exploring Lopes' (1987) Two-Factor model of risk in the context of dynamic decision making. The study is focused on the influence of the Dispositional Factor (ie risk orientation) on the behaviour of individuals during a dynamic decision task. The experimental task was a computer-based simulation of an alcohol distillation process. Subjects were classified into Risk Seeking and Risk Averse groups on the basis of choices made in static gambles, and subsequently trained to operate the dynamic production system. The basic task required subjects to maximise the goal of alcohol production, while maintaining an overall safety for the process. The results indicated a relationship between individual risk orientation and strategies used to control the dynamic production process. Specifically, subjects who were classified as Risk Seeking in the gamble task consistently selected more risky strategies in the dynamic context. The Risk Seeking subjects achieved higher performance levels, but their preferred strategies during normal operation caused significantly more safety problems. However, there was some evidence that Risk Seeking subjects would cope better with abnormal high complexity conditions. (Author/publisher)
Samenvatting