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Representation and Social Regret in Risk-Taking

Listed author(s):
  • Doruk Iris

    ()

    (Department of Economics, Sogang University, Seoul)

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.

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File URL: ftp://163.239.156.99/wpaper/DI_RIME_2017_01.pdf
File Function: First version, 2017
Download Restriction: no

Paper provided by Research Institute for Market Economy, Sogang University in its series Working Papers with number 1701.

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Length: 9 pages
Date of creation: 2017
Handle: RePEc:sgo:wpaper:1701
Contact details of provider: Postal:
1 Sinsu-dong, Mapo-gu, Seoul 121-742

Phone: 82-2-705-8226
Fax: 82-2-705-8226
Web page: http://econdept.sogang.ac.kr/laboratory/information.do
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  1. Charness, Gary & Dufwenberg, Martin, 2003. "Promises & Partnership," Research Papers in Economics 2003:3, Stockholm University, Department of Economics.
  2. Charness, Gary & Jackson, Matthew O., 2009. "The role of responsibility in strategic risk-taking," Journal of Economic Behavior & Organization, Elsevier, vol. 69(3), pages 241-247, March.
  3. Matthias Sutter, 2009. "Individual Behavior and Group Membership: Comment," American Economic Review, American Economic Association, vol. 99(5), pages 2247-2257, December.
  4. Doruk İriş & Jungmin Lee & Alessandro Tavoni, 2015. "Delegation and public pressure in a threshold public goods game: theory and experimental evidence," GRI Working Papers 186, Grantham Research Institute on Climate Change and the Environment.
  5. Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-824, December.
  6. Song, Fei, 2008. "Trust and reciprocity behavior and behavioral forecasts: Individuals versus group-representatives," Games and Economic Behavior, Elsevier, vol. 62(2), pages 675-696, March.
  7. Gary Charness & Martin Dufwenberg, 2006. "Promises and Partnership," Econometrica, Econometric Society, vol. 74(6), pages 1579-1601, November.
  8. 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.
  9. Han Bleichrodt & Peter P. Wakker, 2015. "Regret Theory: A Bold Alternative to the Alternatives," Economic Journal, Royal Economic Society, vol. 0(583), pages 493-532, 03.
  10. 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.
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