Development and Validation of the Calculated and Spontaneous Risk-Taking Scale (CASPRT)

Abstract

Risk preference is a key concept across social, economic, and decision sciences. While existing measures assess risk taking either as domain-specific preferences (e.g., finance and health) or as a general trait, they have largely overlooked individual differences in the narrow, domain-general aspects of risk preference. Drawing from a dual-process framework, we advance a multidimensional domain-general measure of risk preference. We develop and validate the Calculated and Spontaneous Risk-Taking Scale across seven studies (N = 2116). Results show (1) the two risk styles are moderately correlated and align with existing risk preference measures; (2) they are distinct from personality traits like the Big Five and cognitive traits like decision style; (3) calculated risk-takers show more variability in risk attitudes across contexts; (4) calculated risk-taking predicts adaptive outcomes (e.g., creativity and entrepreneurship), while spontaneous risk-taking predicts maladaptive behaviors (e.g., crime, safety violations); and (5) the scale is invariant across sex and age. Overall, calculated risk-takers engage in more adaptive risks, leading to healthier, more meaningful lives.