Risk – a term that we face everyday in our activities at varying degrees – is defined and perceived differently based on the discipline we look at.
Psychology, sociology and economics define risk in different ways. Researchers in the Faculty of Psychology at the University of Basel set out to discover how is risk seen from an individual and a society perspective. Scientists say that there is lot of lot of academic interest in the phenomenon of risk, but when it comes to everyday lives, risk is different.
Researchers say there is little attention to the fact that the meaning of risk can differ from individual to individual depending on goals and life experience and that is why it is important to understand how different people think about risk in order, for example, to gauge attitudes to new technologies or societal challenges.
To investigate this, the researchers have developed a new method based on word associations and an algorithmic process that maps the representation of risk for different groups and individuals. The researchers adopted a new approach, employing a snowball word association method. Participants were asked to name five things they associated with the term risk and then, in turn, five things they associated with these associations. Using this method, researchers surveyed a nationally representative sample of 1205 people, with equal representation of men and women and different age ranges.
An algorithm was used to generate a semantic network of risk from the 36,100 associations. It identified the following components: threat, fortune, investment, activity and analysis. The semantic cluster “threat” (danger, accident, loss, etc.) was the component most prominently associated with risk, closely followed by “fortune” (profit, game, adventure).
The method is designed to map both individual and group-specific differences in risk perception. The psychologists investigated the differences between men and women and between different age groups. Overall, women and men and people of different ages appeared to share similar thoughts about risk. Nevertheless, there were some differences: a higher proportion of older people than younger people and a higher proportion of women than men associated risk more closely with threat and less with fortune.
The researchers also posed the question: Do people from different language regions think about risk in a similar way? To investigate this, they compared the semantic network of risk that emerged from the German survey group with those that resulted in two other languages – Dutch and English. There were some small differences in the frequency of associations. For example, in Dutch the term risk tended to be more closely associated with threat and in English more with fortune and finance. Overall, however, the results indicate that there are some universal correlations in risk representation that transcend language boundaries.