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Risk Taking and Social Exposure

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  • Valeria Faralla

    ()

  • Alessandro Innocenti

    ()

  • Eva Venturini

    ()

Abstract

The paper examines in the laboratory how risk-taking situations are affected by the conditions of observing other’s choices (observer) and being observed by others (source). By extending Yechiam et al.’s (2008) experimental design to the domain of gains we find that observers are more probable than sources to choose risky alternatives producing rare gains than equiprobable gains. The impact of social exposure is also analyzed and interpreted in the context of personality traits to assess how heterogeneity influences risky decisions.

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Bibliographic Info

Paper provided by University of Siena in its series Labsi Experimental Economics Laboratory University of Siena with number 046.

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Date of creation: Jul 2013
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Handle: RePEc:usi:labsit:046

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Keywords: risky shift; social exposure; personality traits.;

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  1. Gonzalez, Cleotilde & Dana, Jason & Koshino, Hideya & Just, Marcel, 2005. "The framing effect and risky decisions: Examining cognitive functions with fMRI," Journal of Economic Psychology, Elsevier, vol. 26(1), pages 1-20, February.
  2. Armin Falk & Andrea Ichino, 2006. "Clean Evidence on Peer Effects," Journal of Labor Economics, University of Chicago Press, vol. 24(1), pages 39-58, January.
  3. Alessandro Innocenti & Chiara Rapallini, 2011. "Voting by Ballots and Feet in the Laboratory," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 70(1), pages 3-24, January.
  4. 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.
  5. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  6. Fehr, Ernst & Schmidt, Klaus M., 1998. "A Theory of Fairness, Competition and Cooperation," CEPR Discussion Papers 1812, C.E.P.R. Discussion Papers.
  7. repec:feb:natura:0059 is not listed on IDEAS
  8. Eldad Yechiam & Meir Druyan & Eyal Ert, 2008. "Observing others' behavior and risk taking in decisions from experience," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3(7), pages 493-500, October.
  9. Ariely, Dan & Levav, Jonathan, 2000. " Sequential Choice in Group Settings: Taking the Road Less Traveled and Less Enjoyed," Journal of Consumer Research, University of Chicago Press, vol. 27(3), pages 279-90, December.
  10. Carpenter, Jeffrey P., 2007. "The demand for punishment," Journal of Economic Behavior & Organization, Elsevier, vol. 62(4), pages 522-542, April.
  11. Powell, Melanie & Ansic, David, 1997. "Gender differences in risk behaviour in financial decision-making: An experimental analysis," Journal of Economic Psychology, Elsevier, vol. 18(6), pages 605-628, November.
  12. James Andreoni & John Miller, 2002. "Giving According to GARP: An Experimental Test of the Consistency of Preferences for Altruism," Econometrica, Econometric Society, vol. 70(2), pages 737-753, March.
  13. Ernst Fehr & Simon Gaechter, 2000. "Fairness and Retaliation: The Economics of Reciprocity," CESifo Working Paper Series 336, CESifo Group Munich.
  14. Seda Ertac & Mehmet Y. Gurdal, 2010. "Deciding to Decide: Gender, Leadership and Risk-Taking in Groups," Koç University-TUSIAD Economic Research Forum Working Papers 1028, Koc University-TUSIAD Economic Research Forum.
  15. Fehr, Ernst & Schmidt, Klaus M., . "The Economics of Fairness, Reciprocity and Altruism - Experimental Evidence and New Theories," Chapters in Economics, University of Munich, Department of Economics.
  16. M Bateson & D Nettle & G Roberts, 2006. "Cues of being watched enhance cooperation in a real-world setting," Natural Field Experiments 00214, The Field Experiments Website.
  17. Jona Linde & Joep Sonnemans, 2009. "Social Comparison and Risky Choices," Tinbergen Institute Discussion Papers 09-097/1, Tinbergen Institute.
  18. Glenn W. Harrison & Ernan Haruvy & E. Elisabet Rutström, 2011. "Symposium: Remarks on Virtual World and Virtual Reality Experiments," Southern Economic Journal, Southern Economic Association, vol. 78(1), pages 87-94, July.
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