Representation and Social Regret in Risk-Taking
Representing others brings responsibility and fear of letting others down (social regret). We incorporate these phenomena in a theoretical model and provide a psychological perspective to explain the individual-group discontinuity in risk-taking activities. A representative makes a state-wise comparison of the consequences of her decision and an unchosen advice given by a group member. Social regret-aversion renders extreme utility differences salient and allows both risky and cautious shifts.
|Date of creation:||2017|
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- Charness, Gary & Dufwenberg, Martin, 2003.
"Promises & Partnership,"
Research Papers in Economics
2003:3, Stockholm University, Department of Economics.
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- Seda Ertac & Mehmet Y. Gurdal, 2013. "Preference Communication and Leadership in Group Decision-Making," Koç University-TUSIAD Economic Research Forum Working Papers 1324, Koc University-TUSIAD Economic Research Forum.
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- Gary Charness & Matthias Sutter, 2012. "Groups Make Better Self-Interested Decisions," Journal of Economic Perspectives, American Economic Association, vol. 26(3), pages 157-176, Summer. Full references (including those not matched with items on IDEAS)
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