Whether high-stakes exams such as the SAT or College Board AP exams should penalize incorrect answers is a controversial question. In this paper, we document that penalty functions can have differential effects depending on a student's risk tolerance. Moreover, literature shows that risk aversion tends to vary along other areas of concern such as…

The correlation between risk taking behavior and test results on the Torrance Tests of Creative Thinking (TTCT) was examined in a group of 47 fourth and fifth grade students identified for a gifted and talented program. The risk-taking check list (DEEP) was developed by the Downington, Pennsylvania Area School District, and includes four…

To determine the relationship between age and risk taking for community college students, 74 male and 72 female students, ranging from 18-79 years of age, took a vocabulary test in which six "nonsense" items were interspersed among 54 legitimate items (following Slakter's procedure). Test instructions explained a penalty would be levied for…