THE RELATIVE IMPORTANCE OF PROBABILITIES, OUTCOMES, AND VAGUENESS IN HAZARD RISK-DECISIONS

This study investigated the joint effects of vagueness on both the pro bability and the outcome dimensions of hazard risk, using both pairwis e choice and rating response tasks. Seventy-two subjects evaluated ris k stimuli (concerning either environmental or health hazards), which v aried in the level of probability of loss, the amount of loss, and the precision with which each dimension was specified. We found strong ev idence of a consistent individual attitude toward vagueness on both ri sk dimensions and an almost equal number of vagueness-seeking and prec ision-seeking subjects. Choices were consistent with a decision rule b ased on dimension preference, but attitude toward vagueness significan tly predicted choice in cases where a dimension preference rule was no t appropriate. An asymmetric preference reversal pattern was also demo nstrated, with many subjects choosing an option in a pair that they ra ted as more risky. (C) 1996 Academic Press.