Measuring Risk Tolerance in General Aviation Pilots

Abstract

According to Lopes (1987), risk tolerant individuals are motivated by opportunity, or what they can gain from taking risks, whereas risk aversive individuals are motivated by threat, or what they can lose from taking risks. This theory was used to measure risk tolerance in aircraft pilots. Twenty-seven pilots were presented with 36 flight scenarios, varying in the level of threat and opportunity. The pilots rated the likelihood of going on the flight. Multiple regression equations were calculated to measure the influence of threat and opportunity on each pilot's ratings. Pilots were largely risk averse, as their ratings were influenced by threat. The two pilots whose ratings were influenced by opportunity had experienced more aviation incidents compared to the pilots who were not influenced by opportunity. This suggests some relationship between risk taking and risk tolerance.