Responsibility effects in decision making under risk
AbstractWe explore situations in which a decision-maker bears responsibility for somebody else's outcomes as well as for her own. For gains we confirm the intuition that being responsible for somebody else's payoffs increases risk aversion, while in the loss domain we find increased risk seeking. In a second experiment we replicate the finding of increased risk aversion for large probabilities of a gain, while for small probability gains we find an increase of risk seeking under conditions of responsibility. This discredits hypotheses of a cautious shift under responsibility, and indicates an accentuation of the fourfold pattern of risk attitudes usually found for individual choices. --
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Bibliographic InfoPaper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, WZB Junior Research Group Risk and Development with number SP II 2012-402.
Date of creation: 2012
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risk attitude; prospect theory; social norms; responsibility; other-regarding preferences;
Find related papers by JEL classification:
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- 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-2013-04-13 (All new papers)
- NEP-CBE-2013-04-13 (Cognitive & Behavioural Economics)
- NEP-EVO-2013-04-13 (Evolutionary Economics)
- NEP-EXP-2013-04-13 (Experimental Economics)
- NEP-MIC-2013-04-13 (Microeconomics)
- NEP-UPT-2013-04-13 (Utility Models & Prospect Theory)
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