There's an alternate hypothesis about that which is that a lot of adolescent level risky behavior may actually be a way to weed out psychopaths.

The argument is essentially: how come daring people to do something gross or embarrassing is so common? There's a weird social dynamic in being the one who goes through with it, and it frequently promotes group cohesion.

So maybe the point of it isn't the act or social dominance, but to get people to display normal emotional responses - safe people will be embarrassed, or hesitant or display social support queues or disgust if they have normal emotional processing. The psychopaths? They'll struggle - particularly at that age where the opportunity to learn to blend hasn't had time to develop.

Basically a group of guys egging each other on to do the riskier dive into the pool or something aren't trying to impress a mate, they're actually filtering for people who don't emotionally react correctly to whatever the dare is.