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This study is aimed at challenging the notion that risk-taking is based merely on some mechanistic foundation like control deficiencies or process imbalances. We hypothesize that risk-taking has an adaptive function and is an optimal strategy for an agent who (1) has scarce knowledge about the current environment or (2) is in a position in which a potential loss is not threatening. We argue that the two above are related to age which, in turn, may explain association between age and risk-taking commonly reported in the developmental literature. We investigate the possible influence of the age-related variables on the risk propensity in two ways: by inducing rich or scarce knowledge and safe or unsafe position in the experimental environment with task parameters and, simultaneously by examining actual differences between adolescents and adults. The results of two experiments that used a novel compound risk task provide support for the first hypothesis concerning knowledge about the environment. On the other hand, the results falsify the second “safe position” hypothesis. Also, the second experiment reveals that one’s status relative to resources can influence risk-taking, but it does so in a way that is different from our initial assumption.

In search of the functional base of risk-taking: inexperience and safety