Harnessing the benefits of combined implicit and explicit assessments for predicting risk attitudes and risky behavior: An exploratory approach

Abstract

In two studies investigating risk attitudes, we explored the benefits of combining self-reports (explicit) and automatic responses (implicit association test [IAT]). Study 1 compared MBA students (older group) and undergraduates (younger group), revealing no age differences on two explicit risk attitude measures. However, the older group had stronger negative risk attitudes on two parallel IATs. Furthermore, psychosocial maturity was a mediator in the inverse age-risk attitude relationship in the older group. Study 2 extended the utility of the two methods to finance, examining self-reported and implicitly measured financial risk attitudes among financial engineering majors. The results revealed that participants inclined toward exerting explicit control over future returns benefited from being more implicitly aggressive in stock investments, positively influencing stock return rates. Overall, these findings suggest the complementary nature of explicit and implicit assessments in understanding risk attitudes, revealing their significance across age-related and financial contexts.