Experimental Study Of The Impact Of Individual Risk Decision-making Factors

The process which decision makers process risk decision-making task was an active and organized process. Different decision-making situations have different reference points. Contrst to the change of the reference point, the results of decision making would vary with different profit and loss.And this change wouldl change people's perception of value, thereby affect the risk propensity that people make risk seeking or risk aversion propensity. As a result of individual differences, people may have completely different performance in the same risk situations.In the real situations, individual perception, intrinsic motivation and attitude, and other factors could significantly affect the formulation of the decision making.Based on Prospect Theory and the tri-reference point theory by Wang(2008), this work studied some issues in risky decision making process. The research compared with the single reference point and three reference points, the integrated modes of three reference points, and combined with the individual achievement motivation and self-esteem, to explore the effects to individual risk propensity. The main results are as follows:1.Different reference points affect individual risk propensity. Individual risk seeking propensity is significantly higher under single reference point condition than that under three reference points. Under the integrated modes of three reference points, when status quo away from minimum requirement near tgoal, subjects would adopt the choices which has the higher risk, and show more risk aversion propensity.2.There are different influences of achievement motivation's each dimension on individual decision-making risk propensity. There is no significant difference between subjects'risk propensity with different high or low achievement motivation level. While, subjects with low avoid failure motivation would adopt the choices with higher risk than those with high avoid failure motivation, and have higher risk seeking propensity.3.Under single reference point condition, there is no significant difference between subjects'risk propensity with different avoid falilure motivation level. Under three reference points condition, the stronger the motivation to avoid failure, the more subjects incline to choose the choices with lower risk.4. The level of self-esteem has effects on individual risk propensity. Among the high explicit self-esteem participants, people with higher implicit self-esteem would adopt the choices with the higher risk more than those with lower implicit self-esteem, and show more risk seeking behaviors. Among the low explicit self-esteem participants, people with higher implicit self-esteem may adopt the choices with the lower risk, and show more risk aversion behaviors.5.When status quo is in the middle of minimum requirement and tgoal, subjects with low self-esteem incline to make risk seeking propensity.In short, individual risk propensity is influenced by achievement motivation, the level of self-esteem and reference points.