Measuring Risk in Science

Risk plays a fundamental role in scientific discoveries, and thus it is critical that the level of risk can be systematically quantified. Knowledge recombination is an important route to generating new knowledge, but it often fails. We propose a novel approach to measuring risk involved in this discovery process. Drawing on machine learning and natural language processing techniques, our approach converts knowledge elements in the text format into high-dimensional vector expressions and computes the probability of failing to combine a pair of knowledge elements. Testing the calculated risk indicator on survey data, we confirm that our indicator is correlated with self-assessed risk. Further, as risk and novelty have been confounded in the literature, we examine and suggest the divergence of the bibliometric novelty and risk indicators. Finally, we demonstrate that our risk indicator is negatively associated with future citation impact, suggesting that risk-taking itself may not necessarily pay off. Our approach can assist decision making of scientists and relevant parties such as policymakers, funding bodies, and R&D managers.