Empirical studies of risk taking, including the ones discussed here, indicate that risk
preference varies with context. Specifically, the acceptability of a risky alternative
depends on the relation between the dangers and opportunities reflected in the risk and
some critical aspiration levels for the decision maker. From a behavioral point of view,
this contextual variation in risk taking seems to stem less from the revision of a
coherent preference for risk (March 1988) than from a change in focus among a set of
inconsistent and ambiguous preferences (March 1978). As a result of changing fortunes
or aspirations, focus is shifted away from the dangers involved in a particular alternative
and toward its opportunities (Lopes 1987).