Objective Risk Levels and Subjective Risk Perception

Abstract

The relationship between objective risk levels calculated on the basis of decisions made by subjects in a simulated war and their subjective risk perceptions was investigated. In addition, subjects were informed that greater or lesser amounts of information would reach them, and that greater or lesser quantities of their decisions would reach the destination to which the decisions were addressed. In reality subjects played an experimenter-determined program. No direct relationship between objective risk levels and subjective risk perception was found. Perceived (subjective) risk levels decreased over time, while objective risk levels did not decrease. Persons assigned to a 'rebel' team took greater risks (and perceived greater risk taking) than persons assigned to a 'large foreign power' team. Risk taking was not related in any way to experimenter statements about information flow.

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