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Risk Aversion and Emotions

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Author Info

  • Nguyen, Y.
  • Noussair, C.N.

    (Tilburg University, Center for Economic Research)

Abstract

Abstract: We consider the relationship between emotions and decision-making under risk. Specifically, we examine the emotional correlates of risk-averse decisions. In our experiment, individuals' facial expressions are monitored with facereading software, as they are presented with risky lotteries. We then correlate these facial expressions with subsequent decisions in risky choice tasks. We find that the valence of one’s emotional state is negatively correlated, and the strength of a number of emotions: fear, happiness, anger, and surprise, is positively correlated, with risk-averse decisions.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2013-041.

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Date of creation: 2013
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Handle: RePEc:dgr:kubcen:2013041

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Web page: http://center.uvt.nl

Related research

Keywords: Risk aversion; emotions; facereading; fear;

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  1. Eckel, Catherine C. & Grossman, Philip J., 2008. "Men, Women and Risk Aversion: Experimental Evidence," Handbook of Experimental Economics Results, Elsevier.
  2. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
  3. Mónica C. Capra, 2004. "Mood-Driven Behavior in Strategic Interactions," American Economic Review, American Economic Association, vol. 94(2), pages 367-372, May.
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