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Improving one’s choices by putting oneself in others’ shoes – an experimental analysis

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Li, Zhihua, Rohde, Kirsten I. M. and Wakker, Peter P. (2018) Improving one’s choices by putting oneself in others’ shoes – an experimental analysis. Journal of Risk and Uncertainty, 54 (1). pp. 1-13. doi:10.1007/s11166-017-9253-3

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Official URL: http://doi.org/10.1007/s11166-017-9253-3

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Abstract

This paper investigates how letting people predict others’ choices under risk affects subsequent own choices. We find an improvement of strong rationality (risk neutrality) for losses in own choices, but no such improvement for gains. There is no improvement of weak rationality (avoiding preference reversals). Overall, risk aversion in own choices increases. Conversely, for the effects of own choices on predicting for others, the risk aversion predicted in others’ choices is reduced if preceded by own choices, for both gains and losses. Remarkably, we find a new probability matching paradox at the group level. Relative to preceding studies on the effects of predicting others’ choices, we added real incentives, pure framing effects, and simplicity of stimuli. Our stimuli were maximally targeted towards our research questions.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Warwick Business School
SWORD Depositor: Library Publications Router
Library of Congress Subject Headings (LCSH): Decision making, Risk, Uncertainty
Journal or Publication Title: Journal of Risk and Uncertainty
Publisher: Springer US
ISSN: 1573-0476
Official Date: February 2018
Dates:
DateEvent
February 2018Published
26 May 2017Available
Volume: 54
Number: 1
Page Range: pp. 1-13
DOI: 10.1007/s11166-017-9253-3
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Open Access
Related URLs:
  • http://creativecommons.org/licenses/by/4...

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