A risky choice was created by manipulating two dimensions of risk for 21 managers attending a conference. The first dimension varied risk by altering the difference in expected value between two alternatives of widely differing variance. The second dimension varied the expectancy of achieving a particular outcome. Whereas choice was significantly related to both dimensions of risk, it was not significantly related to estimates of the subjective risk inherent in the choice situation. It appears that subjective risk does not mediate between objective risk and choice.
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