[icey]

I don't know anyone who carries pepper spray that's become less risk averse because they carry it. Isn't that kind of like saying carrying condoms makes you more promiscuous?

The question is pepper spray vs. no pepper spray, I think for the rest of your drawbacks it's pretty clear that having a deterrent available is an improvement over not having one.

There's quite a lot of literature about this, and I guess you could ask any cop what they think about it too.

[aes256]

Risk compensation is observed all over, and is often subconscious.

You carry pepper spray, you figure you've got things covered if you happen to be attacked, so you're prepared to accept a slightly increased risk of being attacked as a trade-off for other benefits (e.g. saving money on a taxi home, or time by taking a shortcut down an alleyway)