RISK-TAKING IN GAMES OF CHANCE AND SKILL - INFORMATIONAL AND AFFECTIVE INFLUENCES ON CHOICE BEHAVIOR

Three studies to pinpoint the underlying dynamics related to risk-taking in skilled and chance situations are presented. Study 1 is an attempt to demonstrate that cognitive and motivational theories of risk-taking must be combined to account for individual differences in skilled situations. Here, both informational influences as related to uncertainty orientation (cf. Sorrentino & Short, 1986) and affective influences as related to achievement-related motives are examined. In support of these notions, this study found that individual differences in uncertainty orientation and achievement-related motives combine to produce the greatest preference or avoidance of moderate risk (as opposed to low or high) in a skilled situation. Studies 2 and 3 show that the effect for uncertainty orientation generalizes to chance situations. Gender differences were also found to combine or interact with these effects. Taken together, these 3 studies help to clarify many issues remaining in the risk-taking area.