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Betrayal Aversion: Evidence from Brazil, China, Oman, Switzerland, Turkey, and the United States

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Author Info

  • Iris Bohnet

    ()
    (Kennedy School of Government, Harvard University)

  • Fiona Greig

    ()
    (Kennedy School of Government, Harvard University)

  • Benedikt Herrmann

    ()
    (School of Economics, University of Nottingham)

  • Richard Zeckhauser

    ()
    (Kennedy School of Government, Harvard University)

Abstract

Due to betrayal aversion, people take risks less willingly when the agent of uncertainty is another person rather than nature. Individuals in six countries (Brazil, China, Oman, Switzerland, Turkey, and the United States) confronted a binary-choice trust game or a risky decision offering the same payoffs and probabilities. Risk acceptance was calibrated by asking individuals their “minimum acceptable probability” (MAP) for securing the high payoff that would make them willing to accept the risky rather than the sure payoff. People’s MAPs are generally higher when another person rather than nature determines the outcome. This indicates betrayal aversion.

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Bibliographic Info

Paper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2007-08.

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Date of creation: Oct 2007
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Handle: RePEc:cdx:dpaper:2007-08

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