Risk as a value and risky shift

This paper is a secondary analysis of the data from two risk taking gambling experiments to test the value of risk hypothesis. The value of risk hypothesis is said to be true if the value of taking a risk is positive and if the level of risk at maximum expected value shifts towards greater risk for groups compared with individuals. Based upon the task, a method for imputing the value of risk is presented and then used to test the hypothesis. Data support the assumption of a positive value for risk taking but do not support a shift in maximum expected value risk. Therefore, the data do not support the value of risk hypothesis.