On the social dimension of time and risk preferences: An experimental study

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On the social dimension of time and risk preferences: An experimental study

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M. Vittoria Levati ()
Werner Güth ()
Matteo Ploner

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Abstract

We report on an experiment designed to explore the interrelation of other-regarding concerns with attitudes towards risk and delay when the latter have a social dimension, i.e., pertain to one's own and another person's payoffs. For this sake, we compare evaluations of several prospects, each of which allocates either certain or risky and either immediate or delayed payoffs to the actor and to another participant. We find that individuals are mainly self-oriented as to social allocation of risk and delay, although they are other-regarding with respect to expected payoff levels.

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Paper provided by Max Planck Institute of Economics, Strategic Interaction Group in its series Discussion Papers on Strategic Interaction with number 2005-26.

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Length: 27 pages
Date of creation: Sep 2005
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Handle: RePEc:esi:discus:2005-26

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Article
- Werner Güth & M. Vittoria Levati & Matteo Ploner, 2008. "On The Social Dimension Of Time And Risk Preferences: An Experimental Study," Economic Inquiry, Western Economic Association International, vol. 46(2), pages 261-272, 04. [Downloadable!] (restricted)

Find related papers by JEL classification:
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

This paper has been announced in the following NEP Reports:

NEP-ALL-2005-10-04 (All new papers)
NEP-CBE-2005-10-04 (Cognitive & Behavioural Economics)
NEP-EVO-2005-10-04 (Evolutionary Economics)
NEP-EXP-2005-10-04 (Experimental Economics)
NEP-FMK-2005-10-04 (Financial Markets)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Gary Charness & Matthew Rabin, 2002. "Understanding Social Preferences With Simple Tests," The Quarterly Journal of Economics, MIT Press, vol. 117(3), pages 817-869, August. [Downloadable!] (restricted)
Other versions:
- Gary Charness & Matthew Rabin, 2003. "Understanding Social Preferences with Simple Tests," General Economics and Teaching 0303002, EconWPA. [Downloadable!]
- Gary Charness & Matthew Rabin, 2002. "Understanding Social Preferences with Simple Tests," Department of Economics, Working Paper Series 1042, Department of Economics, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
James Andreoni, 2001. "Giving According to GARP," Theory workshop papers 339, UCLA Department of Economics. [Downloadable!]
Tversky, Amos & Kahneman, Daniel, 1992. " Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
Ernst Fehr & Klaus M. Schmidt, . "A Theory of Fairness, Competition and Cooperation," IEW - Working Papers iewwp004, Institute for Empirical Research in Economics - IEW. [Downloadable!]
Other versions:
- Fehr, Ernst & Schmidt, Klaus M., 1998. "A Theory of Fairness, Competition and Cooperation," CEPR Discussion Papers 1812, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
- Ernst Fehr & Klaus M. Schmidt, 1999. "A Theory Of Fairness, Competition, And Cooperation," The Quarterly Journal of Economics, MIT Press, vol. 114(3), pages 817-868, August. [Downloadable!] (restricted)
Geoffrey Brennan & Werner Güth & Luis G. Gonzalez & M. Vittoria Levati, 2005. "Attitudes toward Private and Collective Risks in Individual and Strategic Choice Situations," Discussion Papers on Strategic Interaction 2005-22, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
Gary E. Bolton & Axel Ockenfels, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March. [Downloadable!] (restricted)
Samuelson, William & Zeckhauser, Richard, 1988. " Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Matteo Ploner, 2007. "Personal Autonomy in Trust-Based Interactions. An Experimental Analysis," CEEL Working Papers 0701, Computable and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia. [Downloadable!]
Berninghaus, Siegfried K. & Fischer, Sven & Gueth, Werner, 2006. "Do Social Networks Inspire Employment? - An Experimental Analysis -," Sonderforschungsbereich 504 Publications 06-11, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
Siegfried Berninghaus & Sven Fischer & Werner Güth, 2006. "Social Networks and Employment - An Experimental Analysis," Discussion Papers on Strategic Interaction 2006-31, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
Werner Gueth & M. Vittoria Levati & Matteo Ploner, 2007. "Let Me See You! A Video Experiment on the Social Dimension of Risk Preferences," Jena Economic Research Papers 2007-005, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek. [Downloadable!]

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