Samples adolescents and college students to examine relative contributions of egocentrism and sensation-seeking to risk-taking behavior. Results indicate a latent factor labeled risk-seeking predicted a latent factor labeled delinquent behavior, primarily indicated by alcohol consumption and delinquency. Other results indicate that consistently high personal fable combined with high sensation-seeking explained most risk-taking behavior. (Contains 63 references and 4 tables.) (Author/GCP)