A decision-making approach to the study of adolescents' risky behaviors is described in detail. In contrast to other approaches, the decision-making approach assumes only that risk taking involves choosing among alternative courses of action, and that the chosen alternative, by definition, entails some chance of loss. A short definition of risky behavior is followed by a description of the decision-making perspective. A demonstration of the ways in which risky behaviors can be approached from such a perspective and an account of some advantages of the approach are offered. The advantages are then highlighted in a section which uses the decision-making approach to reexamine some widely held beliefs regarding adolescents' risky behaviors. Subsequent discussion: (1) explores implications of the decision-making perspective for education; (2) examines difficulties and shortcomings of the decision-making perspective; and (3) offers a brief review of other perspectives on risk taking. Concluding material offers a summary discussion of the claim that adolescents take risks unduly. A total of 116 references are cited. (RH)