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Let Me See You! A Video Experiment on the Social Dimension of Risk Preferences

Author

Listed:
  • Werner Gueth

    () (Max Planck Institute of Economics, Jena, Strategic Interaction Group)

  • M. Vittoria Levati

    () (Max Planck Institute of Economics, Jena, Strategic Interaction Group)

  • Matteo Ploner

    () (Max Planck Institute of Economics, Jena, Strategic Interaction Group)

Abstract

Previous studies have shown that decision makers are less other-regarding when their own payoff is risky than when it is sure. Empirical observations also indicate that people care more about identifiable than unidentifiable others. In this paper, we report on an experiment designed to explore whether rendering the other identifiable - via a short speechless video - can affect the relation between other-regarding concerns and attitudes toward social risk. For this sake, we elicit risk attitudes under two treatments differing in whether the actor can see the other or not. We find that seeing the other does not affect behavior significantly: regardless of the treatment, individuals are mainly self-oriented as to social allocation of risk, though they are other-regarding with respect to expected payoff levels.

Suggested Citation

  • 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.
  • Handle: RePEc:jrp:jrpwrp:2007-005
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    References listed on IDEAS

    as
    1. Brennan, Geoffrey & González, Luis G. & Güth, Werner & Levati, M. Vittoria, 2008. "Attitudes toward private and collective risk in individual and strategic choice situations," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 253-262, July.
    2. Ellingsen, Tore & Johannesson, Magnus & Tjøtta, Sigve & Torsvik, Gaute, 2010. "Testing guilt aversion," Games and Economic Behavior, Elsevier, vol. 68(1), pages 95-107, January.
    3. Andreoni, James & Petrie, Ragan, 2004. "Public goods experiments without confidentiality: a glimpse into fund-raising," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1605-1623, July.
    4. Bruno S. Frey & Iris Bohnet, 1999. "Social Distance and Other-Regarding Behavior in Dictator Games: Comment," American Economic Review, American Economic Association, vol. 89(1), pages 335-339, March.
    5. 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, April.
    6. Samuelson, William & Zeckhauser, Richard, 1988. "Status Quo Bias in Decision Making," Journal of Risk and Uncertainty, Springer, vol. 1(1), pages 7-59, March.
    7. Jenni, Karen E & Loewenstein, George, 1997. "Explaining the "Identifiable Victim Effect."," Journal of Risk and Uncertainty, Springer, vol. 14(3), pages 235-257, May-June.
    8. Bohnet, Iris & Frey, Bruno S., 1999. "The sound of silence in prisoner's dilemma and dictator games," Journal of Economic Behavior & Organization, Elsevier, vol. 38(1), pages 43-57, January.
    9. Burnham, Terence C., 2003. "Engineering altruism: a theoretical and experimental investigation of anonymity and gift giving," Journal of Economic Behavior & Organization, Elsevier, vol. 50(1), pages 133-144, January.
    10. Charness, Gary & Gneezy, Uri, 2008. "What's in a name? Anonymity and social distance in dictator and ultimatum games," Journal of Economic Behavior & Organization, Elsevier, vol. 68(1), pages 29-35, October.
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    Citations

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    Cited by:

    1. Alexia Gaudeul, 2013. "Social preferences under uncertainty," Jena Economic Research Papers 2013-024, Friedrich-Schiller-University Jena.
    2. Bixter, Michael T. & Luhmann, Christian C., 2014. "Shared losses reduce sensitivity to risk: A laboratory study of moral hazard," Journal of Economic Psychology, Elsevier, vol. 42(C), pages 63-73.

    More about this item

    Keywords

    Risk attitudes; other-regarding concerns; identifiability;

    JEL classification:

    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • 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

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