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Do positive externalities affect risk taking? Experimental evidence on gender and group membership

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  • Cavalcanti, Carina
  • Leibbrandt, Andreas

Abstract

Many positive externalities are created by risk-taking. We investigate whether risk-taking is affected by the presence of positive externalities. In our experiments, we study choices between investments in technologies that differ according to their level of risk and the extent to which they generate positive externalities for others. In general, we find that positive externalities have little to no impact on risk-taking. However, we observe that when individuals are in groups, they are more inclined to increase investments in technologies that generate large positive externalities. Moreover, we find that women are generally less willing to take risks than men, both in the absence and presence of positive externalities. Thus, women generate fewer positive externalities when externalities increase with risk, but more when they decrease with risk. These findings provide a comprehensive view on the malleability of risk-taking in the presence of positive externalities.

Suggested Citation

  • Cavalcanti, Carina & Leibbrandt, Andreas, 2026. "Do positive externalities affect risk taking? Experimental evidence on gender and group membership," Journal of Economic Behavior & Organization, Elsevier, vol. 245(C).
    • Handle: RePEc:eee:jeborg:v:245:y:2026:i:c:s0167268126000880
    DOI: 10.1016/j.jebo.2026.107502
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    Keywords

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    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income

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