This 2-year longitudinal study of 302 high school students in the stat
e of Indiana examined attitudes toward the use of alcohol in 25 potent
ially hazardous settings, varying from riding in a car, to swimming, t
o simply drinking at home. Student ratings indicated that they were ca
pable of rationally evaluating alcohol-related risks. Principal compon
ents factor analysis identified three factors underlying student respo
nses: propensity/desirability of the behavior, choice/control of the r
isk, and fear/consequences/likelihood of the risk. Each of these facto
rs was comparable to factors found to be important in past studies of
adult risk perception. The finding that self-reported behavioral prope
nsity and desirability were weakly correlated with the measures of per
ceived risk is of particular interest. Attempts to reduce the use of a
lcohol by adolescents have traditionally focused on risk awareness. Th
e implication of this study is that intervention programs might be mor
e successful if they focused on modifying perceived value.