Development and validation of the General Risk Propensity Scale (GRiPS)

Despite the widespread interest in understanding and identifying risk takers by psychologists, clinicians, and economists, the risk literature currently lacks consensus regarding the nature of risk taking and its measurement. Existing measures of risk taking are predominantly domain‐specific despite...

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Bibliographic Details
Published inJournal of behavioral decision making Vol. 32; no. 2; pp. 152 - 167
Main Authors Zhang, Don C., Highhouse, Scott, Nye, Christopher D.
Format Journal Article
LanguageEnglish
Published Chichester Wiley Periodicals Inc 01.04.2019
Subjects
Behavior
Decision making
DOSPERT
Economists
individual differences
Measurement
Personality
Psychologists
Risk
risk propensity
Risk taking
scale development
Validity
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Summary:Despite the widespread interest in understanding and identifying risk takers by psychologists, clinicians, and economists, the risk literature currently lacks consensus regarding the nature of risk taking and its measurement. Existing measures of risk taking are predominantly domain‐specific despite emerging support for risk taking as a domain‐general disposition. In the present paper, we examine the nature of risk taking as a domain‐general personality disposition and develop a concise measure: the General Risk Propensity Scale (GRiPS). Data from 1,523 participants across five studies provided evidence for its construct validity. The GRiPS converged with other self‐report measures of risk taking and provided incremental prediction of work, academic, and life outcomes over and above the five‐factor model of personality and the Domain‐Specific Risk Taking Scale.
ISSN:0894-3257
1099-0771
DOI:10.1002/bdm.2102