Domain-Specific Risk-Taking Measurement – Chinese Version

Description

Risk preference refers to the level of preference a decision-maker has for risk, which is of significant importance when studying individual behavior and decision-making under uncertainty. Individuals can exhibit varying degrees of risk preference, which can be categorized into three types: risk-seeking (风险喜好), risk-neutral (风险中性), and risk-averse (风险规避). Risk-seeking denotes a decision-maker actively pursuing high risk and high reward. Risk-neutral indicates a lack of clear preference for uncertain risks or stable rewards. Conversely, risk-averse individuals actively seek stable returns while avoiding risk. Risk preference is widely applied in behavioral research, including studies on the relationship between depth of internet financial product investment and risk preference, as well as the impact of manufacturers with different risk preferences on supplier innovation investment levels.

Authors and Contact Email

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Purpose

The purpose of measuring risk preference is to understand individual decision-making behaviors, particularly under conditions of uncertainty.

Test Year

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Administration Method and Scoring

Current methods for measuring risk preference include scale methods, specific domain risk measurements, and experimental economics methods. There is currently no unified standard for measuring risk preference, which leads scholars to select methods that can be arbitrary and limited. Among these, the operationally easy-to-use scale method is widely applied and can be divided into two categories: general scale method (一般性量表法) and specific domain risk scale method (特定领域风险量表法). The general scale method asks respondents to evaluate their willingness to take risks on a scale of 0 (not willing at all) to 10 (very willing). The specific domain risk scale method assesses individuals’ risk decision-making across specific domains such as investment, safety, and economics.

Reliability and Validity

General risk measurement methods have good predictive capabilities for risk preferences. However, combining experimental economics methods with scale methods yields more valid results.

Factors and Subscales

A Domain-Specific Risk-Taking (DOSPERT) scale, first used by Weber et al. (2002), is a multifaceted self-reported risk attitude measurement method based on a five-point Likert scale. The DOSPERT scale measures “risk attitude” by assessing an individual’s likelihood of involvement in domain-specific risk activities. The original version covered five different risk domains: ethical (道德), financial (财务), health and safety (健康与安全), recreational (娱乐), and social (社交). Subsequent studies expanded the DOSPERT scale, adding gambling (赌博) and investing (投资) to predict excessive trading in markets. Expansion focused on medical-related issues with an emphasis on the medical (医学) domain. Overall, the construction and expansion of DOSPERT are based on extensive existing research, making it an applicable tool for general risk attitude measurement, with a wide applicability to populations, low cost, and ease of understanding.

Keywords

Risk Preference, DOSPERT, Behavioral Research, Risk Measurement, Decision-Making

Items in Chinese

1. 你的处事风格与身边的人存在着较大的差异。
2. 当某个问题存在不同意见的时候，您容易与他人发生争执。
3. 你会将几天的所有收入拿去打牌。
4. 你认为适量购买使用点限制性物品不算是个事儿。
5. 你认为通过伪造等方式进行避税是保证盈利的可行手段。
6. 你会和生意伙伴或客户发展成为好兄弟关系。
7. 在重大问题上，你不会完全遵照长辈的意见。
8. 只要确保没有交警，你会酒后驾车。
9. 你在一个陌生的城市或城镇的游逛，不会感觉到有不适感。
10. 如有必要，你会使用私刻的公章。
11. 你很清楚过度饮酒伤身，但自己还是每天都需要饮酒。
12. 你有胆量在一个陌生的山林中搭帐篷住一晚。
13. 在均熟悉规则的前提下，你会更喜欢玩炸金花而非斗地主。
14. 为了看到某一日出奇观（比如峨眉山金顶佛光），即使山路有霜冻的可能，你也会倾向于连夜登山。
15. 如有必要，你会模仿他人签名。
16. 你认为自驾游走“西藏-新疆”路线是件很容易的事。
17. 你会将部分收入投入到价格波动大的小公司股票上。
18. 你会把相当于一年收入的钱借给朋友。
19. 即使是大太阳天，你也不采取任何防晒措施（如戴草帽）。
20. 你坐车不喜欢系安全带。
21. 在邻居朋友面前，公开反对本村本乡镇的领导干部。
22. 你骑摩托车经常不带头盔。
23. 你平均一天要抽一包烟。
24. 你可以把一整天的收入用来打老虎机、捕鱼机（赌币游戏机）。
25. 在无保底工资和含有保底工资两种薪酬中，你偏向于前者。

Items in English

1. Your approach to handling matters differs significantly from those around you.
2. When there are differing opinions on an issue, you easily get into disputes with others.
3. You would spend all of your income from a few days on playing cards.
4. You think that moderately buying certain restricted items is not a big deal.
5. You believe that tax evasion through forgery or other means is a viable way to guarantee profit.
6. You develop a close relationship with business partners or clients.
7. On significant issues, you will not completely follow the opinions of your elders.
8. As long as you ensure there are no traffic police, you would drive after drinking.
9. You do not feel uncomfortable wandering in an unfamiliar city or town.
10. If necessary, you would use a privately made official seal.
11. You are well aware that excessive drinking is harmful, but you still need to drink every day.
12. You have the courage to camp overnight in an unfamiliar forest.
13. Given familiar rules, you prefer to play Texas Hold’em over Dou Di Zhu.
14. To witness a certain spectacular sunrise (like the Buddha’s light at Mount Emei), you would choose to climb overnight, even if there might be frost on the path.
15. If necessary, you would forge someone else’s signature.
16. You think self-driving along the “Tibet-Xinjiang” route is very easy.
17. You would invest part of your income into stocks of small companies with high price volatility.
18. You would lend an amount equal to your annual income to a friend.
19. Even on a sunny day, you do not take any sun protection measures (like wearing a straw hat).
20. You dislike fastening your seatbelt while riding in a vehicle.
21. In front of neighbors and friends, you openly oppose the local leaders of your village or town.
22. You often ride a motorcycle without wearing a helmet.
23. You smoke an average of one pack a day.
24. You could spend a whole day’s income to play slot machines or fish games (gambling machines).
25. You prefer a salary without a guaranteed minimum over one that includes a guaranteed minimum.

References

朱泓宇. 风险厌恶、家庭资产配置与农民创业选择[D].四川农业大学,2019.DOI:10.27345/d.cnki.gsnyu.2019.001160.
王建华,布玉婷,杨晨晨,唐建军.养殖户风险偏好度量的潜在偏误——基于实验经济学和量表法的对比研究[J].中国软科学,2021(04):150-162.