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"Risk-Taking"
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Differential Correlates of Positive and Negative Risk Taking in Adolescence
Positive risks benefit adolescent development without posing the same public safety concerns as negative risks, but little is understood about the psychological characteristics of positive risk taking. This study explored the shared and unique correlates of positive and negative risk taking in 223 adolescents (48% female) ages 16–20 years (M = 18.1; SD = 0.81). Positive and negative risk taking were both associated with higher sensation seeking. Unlike negative risk taking, positive risk taking was not associated with impulsivity or risk taking on experimental tasks. Further, positive risk taking was associated with lower reward sensitivity, higher punishment sensitivity, and greater school engagement than negative risk taking. The findings offer new insights for prevailing models of adolescent risk behavior and suggest positive risk taking may be particularly beneficial in the school context.
Journal Article
Predator-driven natural selection on risk-taking behavior in anole lizards
Selection is likely to shape behavior by acting on behavioral differences between individuals. Testing this idea has been challenging. Lapiedra et al. took advantage of a chain of small islands in the Caribbean colonized by anole lizards. A series of repeated behavioral selection experiments were set up in which brown anole populations were established with and without predators. On predator-free islands, animals that were more exploratory were favored, whereas when predators were present, less adventurous animals survived better. Selection for behavior occurred simultaneously with morphological selection but was predominant when predators were present. Science , this issue p. 1017 The presence or absence of a large lizard predator shapes how experimental populations of brown anoles behave with respect to risk. Biologists have long debated the role of behavior in evolution, yet understanding of its role as a driver of adaptation is hampered by the scarcity of experimental studies of natural selection on behavior in nature. After showing that individual Anolis sagrei lizards vary consistently in risk-taking behaviors, we experimentally established populations on eight small islands either with or without Leiocephalus carinatus , a major ground predator. We found that selection predictably favors different risk-taking behaviors under different treatments: Exploratory behavior is favored in the absence of predators, whereas avoidance of the ground is favored in their presence. On predator islands, selection on behavior is stronger than selection on morphology, whereas the opposite holds on islands without predators. Our field experiment demonstrates that selection can shape behavioral traits, paving the way toward adaptation to varying environmental contexts.
Journal Article
The Power of the Like in Adolescence: Effects of Peer Influence on Neural and Behavioral Responses to Social Media
We investigated a unique way in which adolescent peer influence occurs on social media. We developed a novel functional MRI (fMRI) paradigm to simulate Instagram, a popular social photo-sharing tool, and measured adolescents' behavioral and neural responses to likes, a quantifiable form of social endorsement and potential source of peer influence. Adolescents underwent fMRI while viewing photos ostensibly submitted to Instagram. They were more likely to like photos depicted with many likes than photos with few likes; this finding showed the influence of virtual peer endorsement and held for both neutral photos and photos of risky behaviors (e.g., drinking, smoking). Viewing photos with many (compared with few) likes was associated with greater activity in neural regions implicated in reward processing, social cognition, imitation, and attention. Furthermore, when adolescents viewed risky photos (as opposed to neutral photos), activation in the cognitive-control network decreased. These findings highlight possible mechanisms underlying peer influence during adolescence.
Journal Article
The associated network embedded decision-making authority allocation and risk-taking of enterprise groups
This research examines the impact of the internal allocation of decision-making authority on the risk-taking behavior of enterprise groups, based on a sample of A-share listed parent-subsidiary companies from 2010 to 2022. The study finds that a centralized decision-making structure is associated with reduction in the overall risk profile of enterprise groups. This paper further employs a mechanism analysis through the establishment of a moderated mediation model with an associated network, which reveals that the centralization of internal decision-making authority achieves a reduction in the level of risk-taking through the operation of the internal capital market through two distinct mechanisms. Firstly, it operates the internal capital market, which suppresses diversified investments. Secondly, it improves the efficiency of internal capital allocation. Furthermore, when the associated network is embedded in the internal capital market model, the moderating effect demonstrates that the internal interlocking director network does not suppress diversified investments, but significantly enhances the efficiency of the internal capital market. The associated network of institutional investors serves to reinforce the risk-reducing effect of the internal capital market on risk by reducing noise trading and signal transmission through the diversification and efficiency enhancement of the internal capital market. This paper illuminates the characteristics of network relationships within the internal capital market and the impact of decision-making authority allocation on enterprise risk, and provides strategies to prevent and mitigate significant economic and financial risk.
Journal Article
On the edge : the art of risking everything
In the bestselling 'The Signal and the Noise', Nate Silver showed how forecasting would define the age of Big Data. Now, in this timely book, Silver investigates 'The River,' or those whose mastery of risk allows them to shape - and dominate - so much of modern life. These professional risk takers - poker players and hedge fund managers, crypto true-believers and blue-chip art collectors - can teach us much about navigating the uncertainty of the 21st century. By embedding within these worlds, Silver offers insight into a range of issues that affect us all, from the frontiers of finance to the future of AI. The River has increasing amounts of wealth and power in our society, and understanding their mindset - including the flaws in their thinking - is key to understanding what drives technology and the global economy today.
Book
The Economics of Managerial Taxes and Corporate Risk-Taking
We examine the relation between managers' personal income tax rates and their corporate investment decisions. Using plausibly exogenous variation in federal and state tax rates, we find a positive relation between managers' personal tax rates and their corporate risk-taking. Moreover—and consistent with our theoretical predictions—we find that this relation is stronger among firms with investment opportunities that have a relatively high rate of return per unit of risk, and stronger among CEOs who have a relatively low marginal disutility of risk. Importantly, our results are unique to senior managers' tax rates––we do not find similar relations for middle-income tax rates. Collectively, our findings provide evidence that managers' personal income taxes influence their corporate risk-taking decisions.
Journal Article