A Domain-specific Risk-attitude Scale (DRaS): Translation and adaptation to European Portuguese

Abstract

Risk attitude, as conceptualized in the classic economic approach, reflects the individual’s sensitivity to disparities in outcomes (i.e., payoffs) variance (Yechiam & Ert, 2011). Brachinger and Weber (1997) further propose that risk attitude depends on the tendency to prefer/avoid risk over certainty. Thus, the degree of risk acceptance underlies risk attitudes. Likewise, Risk-Return models (Weber & Milliman, 1997; Weber, 2010) theorize that risk attitude reflects the preference for risky options. This risk preference, in turn, depends on the trade-off between an option’s expected benefit (subjective expected value) and its riskiness (an idiosyncratic variable that depends on the context and content of the decision).