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Despite the frequent juxtaposition of the terms "risk taking" and "change" in literature on school reform, we know very little about risk-taking behavior. Research conducted in the field of a psychology of risk-taking behavior has identified three essential elements of risk: (a) loss, (b) significance of loss, and (c) uncertainty (Yates & Stone, 1992). In this case study, teacher risk taking was examined in the context of the development of a school-within-a-school (SWS) program, targeting sophomores at high risk for dropping out of school. Findings indicate that a psychology of risk-taking behavior provides a useful lens for understanding teacher risk taking in the context of this SWS innovation. The study also finds that the three essential elements of risk may not be sufficient to explain teacher risk taking. Constructs of emotion and gain, which appeared to be embedded in loss and significance of loss, need further identification and study. In addition, social interactions, organizational processes, and group or organizational values also appeared to influence collective risk-taking behavior. It is possible that a sociology of risk-taking behavior is an emerging construct that needs greater exploration.
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