Cross-cultural assessment and comparisons of risk tolerance across domains

Abstract

AbstractRisk attitudes are known to play an important role in influencing one’s behavior under conditions of uncertainty. To date, cultural influences on risk attitudes - beyond the effects they have on perceived risk - have not been well understood. Having a cross-culturally invariant measure of risk attitudes is a prerequisite for carrying out more in depth explorations in this area. The current study applied the domain-specific risk attitudes framework and focused on the Chinese and US cultural contexts. Using novel network analysis techniques, we explored domain-specific patterns of risk attitudes in Chinese and US community samples and we subsequently developed a version of the Multi-Domain Risk Tolerance scale (MDRT-EC) that had similar applicability in both samples. The MDRT-EC demonstrated excellent psychometric characteristics and achieved strong measurement invariance across both samples. The associations between MDRT-EC domain scales and criterion scales were also similar between the two samples, further indicating the measurement invariance of the MDRT-EC. Finally, we used the MDRT-EC to explore cultural differences in risk attitudes across domains and their predictive relations with a range of lifestyle behaviors.