Judgments of perceived risk and attractiveness
for a set of 50 two-outcome gambles were obtained
from 39 college students. The data were used to test
various ordinal properties of the gambles implied
by Pollatsek and Tversky’s theory of risk and
Coombs’ Portfolio theory. In addition, the
MDPREF multidimensional scaling procedure was
used (1) to test the assumption that gambles are
perceived and evaluated as multidimensional stimuli;
(2) to determine the characteristics of gambles
affecting perceived risk and attractiveness; (3) to assess
the extent of individual differences in perception
of gambles; and (4) to test the implication of
Portfolio theory that attractiveness is a function of
perceived risk and expected value. The results supported
the multidimensional nature of gambles and
the implications of Portfolio theory. In the
MDPREF analyses large individual differences were
found in perceived risk and attractiveness of gambles.
Potential uses of multidimensional scaling
techniques in further research on individual differences
in gambling behavior are proposed and discussed.
Nygren, Thomas E..
The relationship between the perceived risk and attractiveness of gambles: A multidimensional analysis.
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