Measuring perceived risk in sharing economy: A classical test theory and item response theory approach

Sharing economy is considered as a disruptive innovation in the Internet age and inevitably brings huge concerns and risks for tourists. This study aims to develop a multidimensional scale to understanding the tourist risk perception in the sharing economy (TPRSE). First, focus group interviews, and online text analysis were conducted to elicit the initial items. Second, pilot survey involving a sample size of 218 was conducted, confirmatory factor analysis (CFA), and item response theory (IRT) were applied to refine this preliminary item pool. Third, the TPRSE scale was further validated using the CFA and IRT (n = 745). The TPRSE scale was successfully developed and validated, which including five dimensions of financial risk, social risk, privacy risk, performance risk and physical risk. This study advances the theories of risk perception in the context of sharing economy and provides management strategies to reduce perceived risks in Airbnb accommodations.