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Anti-social motives explain increased risk aversion for others in decisions from experience
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Olschewski, Sebastian, Dietsch, Marius and Ludvig, Elliot Andrew (2019) Anti-social motives explain increased risk aversion for others in decisions from experience. Judgment and Decision Making, 14 (1). pp. 58-71. ISSN 1930-2975.
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Official URL: http://journal.sjdm.org/18/18330a/jdm18330a.pdf
Abstract
When deciding for others based on explicitly described odds and outcomes, people often have different risk preferencs for others than for themselves. In two pre-registered experiments, we examine risk preference for others where people learn about the odds and outcomes by experiencing them through sampling. In both experiments, on average, people were more risk averse for others than for themselves, but only when the risky option had a higher expected value. Furthermore, based on a separate set of choices, we classified people as pro- or anti-social. Only those people classified as anti-social were more risk averse for others, whereas those classified as prosocial chose similarly for themselves and others. When the uncertainty was removed, however, all participants exhibited less anti-social behavior. Together, these results suggest that anti-social motives contribute to the observed limited risk taking for others and that outcome uncertainty facilitates the expression of these motives.
Item Type: | Journal Article | ||||||
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Divisions: | Faculty of Science, Engineering and Medicine > Science > Psychology | ||||||
Journal or Publication Title: | Judgment and Decision Making | ||||||
Publisher: | Society for Judgment and Decision Making | ||||||
ISSN: | 1930-2975 | ||||||
Official Date: | January 2019 | ||||||
Dates: |
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Volume: | 14 | ||||||
Number: | 1 | ||||||
Page Range: | pp. 58-71 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Copyright Holders: | The Author | ||||||
Date of first compliant deposit: | 30 November 2018 | ||||||
Date of first compliant Open Access: | 12 February 2019 | ||||||
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