Risk preference and choice stochasticity during decisions for other people

Rigoli, F., Preller, K. H. & Dolan, R. J. (2018). Risk preference and choice stochasticity during decisions for other people. Cognitive Affective & Behavioral Neurosience, 18(2), pp. 331-341. doi: 10.3758/s13415-018-0572-x

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Abstract

In several contexts, such as finance and politics, people make choices that are relevant for others but irrelevant for oneself. Focusing on decision-making under risk, we compared monetary choices made for one’s own interest with choices made on behalf of an anonymous individual. Consistent with the previous literature, other-interest choices were characterized by an increased gambling propensity. We also investigated choice stochasticity, which captures how much decisions vary in similar conditions. An aspect related to choice stochasticity is how much decisions are tuned to the option values, and we found that this was higher during self-interest than during other-interest choices. This effect was observed only in individuals who reported a motivation to distribute rewards unequally, suggesting that it may (at least partially) depend on a motivation to make accurate decisions for others. Our results indicate that, during decision-making under risk, choices for other people are characterized by a decreased tuning to the values of the options, in addition to enhanced risk seeking.

Item Type: Article
Additional Information: © The Author(s) 2018. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
Uncontrolled Keywords: Social decision-making; Decision-making under risk; Choice stochasticity; Decisions for others; Context effect
Divisions: School of Social Sciences > Department of Psychology
URI: http://openaccess.city.ac.uk/id/eprint/19523

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