Risk taking has been a topic of great importance because it plays a role in determining how people view themselves and their lives. Researchers have concentrated on how different types of risk taking such as health risk or recreational risk can be strongly correlated with specific behavior such as the Five Factor Model personality traits. The concept of risk taking tendency has significant connections for the theoretical modeling of risk behavior, which will provide efficient insight behind individuals reasoning for risky behaviors (Nicholson, Soane, Fenton- O’Creevy, & Willman, 2005).
The purpose of Nicholson study (2005) was to develop a practical and valid measurement of risk propensity. The study defined risk propensity as the tendency for an individual to either take or avoid risk (Stikin and Pablo). The study participants were n=2700 students from executive graduate programs such as those pursuing a masters in business. The participants were given the Risk Taking Index, a scale with a series of questions that inquired about their past and current risk behavior. The questions were to cover six domains: financial, recreational, health, social, safety, and career. The participants were also administered the NEO PI- R personality questionnaire, each questioned used a 5 point Likert scale. Researchers hypothesized that risk propensity will be positively correlated to the openness, extraversion and agreeableness personality traits and negatively correlated with neuroticism and conscientiousness. The results of the study showed that risk taking was strongly correlated with openness and agreeableness.
The purpose of the current study was to examine and elaborate the Ni...
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The study confirmed many of the hypothesis researchers had predicted, however the study was not without limitations. One limitation of the study was that participants were limited to two sections of the psychological statistics class at the university. Due to the type of participants the study was not able to test other group of individuals such as those with different majors. A second limitation of the study was that it did not include demographics and predetermine traits such as male or female; depending on these factors this could determine what type of risk if any an individual might take. Future researchers should look to extend the study into a larger university sample or a different location and setting such as a workplace. Another suggestion for future researchers could be to compare male and female risk taking and how they might differ.
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