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Risk Taking and Social Exposure

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Author Info

  • 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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Related research

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

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References

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  1. 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.
  2. Jona Linde & Joep Sonnemans, 2009. "Social Comparison and Risky Choices," Tinbergen Institute Discussion Papers 09-097/1, Tinbergen Institute.
  3. Ernst Fehr & Simon G�chter, 2000. "Fairness and Retaliation: The Economics of Reciprocity," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 159-181, Summer.
  4. 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.
  5. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  6. 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.
  7. Fehr, Ernst & Schmidt, Klaus M., 2006. "The Economics of Fairness, Reciprocity and Altruism - Experimental Evidence and New Theories," Handbook on the Economics of Giving, Reciprocity and Altruism, Elsevier.
  8. 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.
  9. Charness, Gary & Rabin, Matthew, 2001. "Understanding Social Preferences with Simple Tests," Department of Economics, Working Paper Series qt4qz9k8vg, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  10. 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.
  11. 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.
  12. 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.
  13. Jeffrey Carpenter, 2002. "The Demand for Punishment," Middlebury College Working Paper Series 0243, Middlebury College, Department of Economics.
  14. repec:feb:natura:0059 is not listed on IDEAS
  15. 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.
  16. 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.
  17. 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.
  18. 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.
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