Measuring an Individual's Tendency to Take Risks: The Risk Propensity Scale

A new, short, and easily administered Risk Propensity Scale (RPS) is introduced that measures general risk-taking tendencies. This paper investigates the reliability and discriminant validity of the RPS. The RPS provided scores that yielded a good internal reliability coefficient and adequate test-retest reliability, and the scores correlated moderately to well with those of the Everyday Risk Inventory and the short Sensation-Seeking Scale. The correlation with the scores from other scales (Need for Cognition scale, Need for Structure scale, and 2 self-esteem scales) was low to moderate, indicating good discriminant validity. The findings are discussed in relation to risk-perception research using gambling experiments and in relation to their usefulness for risky decision-making research.