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Risk Taking and Social Exposure

  • Valeria Faralla


  • Alessandro Innocenti


  • Eva Venturini


The paper examines in the laboratory how risk-taking situations are affected by the conditions of observing other’s choices (observer) and being observed by others (source). By extending Yechiam et al.’s (2008) experimental design to the domain of gains we find that observers are more probable than sources to choose risky alternatives producing rare gains than equiprobable gains. The impact of social exposure is also analyzed and interpreted in the context of personality traits to assess how heterogeneity influences risky decisions.

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Paper provided by University of Siena in its series Labsi Experimental Economics Laboratory University of Siena with number 046.

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Date of creation: Jul 2013
Date of revision:
Handle: RePEc:usi:labsit:046
Contact details of provider: Postal: Piazza San Francesco 7, 53100 Siena
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  1. Charness, Gary & Rabin, Matthew, 2002. "Understanding Social Preferences with Simple Tests," Department of Economics, Working Paper Series qt3d04q5sm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Ernst Fehr & Simon Gaechter, . "Fairness and Retaliation: The Economics of Reciprocitys," IEW - Working Papers 040, Institute for Empirical Research in Economics - University of Zurich.
  3. Alessandro Innocenti & Chiara Rapallini, 2011. "Voting by Ballots and Feet in the Laboratory," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 70(1), pages 3-24, January.
  4. Eldad Yechiam & Meir Druyan & Eyal Ert, 2008. "Observing others' behavior and risk taking in decisions from experience," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 3(7), pages 493-500, October.
  5. Powell, Melanie & Ansic, David, 1997. "Gender differences in risk behaviour in financial decision-making: An experimental analysis," Journal of Economic Psychology, Elsevier, vol. 18(6), pages 605-628, November.
  6. James Andreoni & John Miller, 2002. "Giving According to GARP: An Experimental Test of the Consistency of Preferences for Altruism," Econometrica, Econometric Society, vol. 70(2), pages 737-753, March.
  7. Fehr, Ernst & Schmidt, Klaus M., . "A theory of fairness, competition, and cooperation," Chapters in Economics, University of Munich, Department of Economics.
  8. Ertac, Seda & Gurdal, Mehmet Y., 2012. "Deciding to decide: Gender, leadership and risk-taking in groups," Journal of Economic Behavior & Organization, Elsevier, vol. 83(1), pages 24-30.
  9. Daniel Nettle & Gilbert Roberts & Melissa Bateson, 2006. "Cues of being watched enhance cooperation in a real-world setting," Natural Field Experiments 00214, The Field Experiments Website.
  10. Carpenter, Jeffrey P., 2007. "The demand for punishment," Journal of Economic Behavior & Organization, Elsevier, vol. 62(4), pages 522-542, April.
  11. Fehr, Ernst & Schmidt, Klaus M., . "The Economics of Fairness, Reciprocity and Altruism - Experimental Evidence and New Theories," Chapters in Economics, University of Munich, Department of Economics.
  12. Jona Linde & Joep Sonnemans, 2012. "Social comparison and risky choices," Journal of Risk and Uncertainty, Springer, vol. 44(1), pages 45-72, February.
  13. Glenn W. Harrison & Ernan Haruvy & E. Elisabet Rutström, 2011. "Symposium: Remarks on Virtual World and Virtual Reality Experiments," Southern Economic Journal, Southern Economic Association, vol. 78(1), pages 87-94, July.
  14. Armin Falk & Andrea Ichino, 2004. "Clean Evidence on Peer Effects," Levine's Bibliography 666156000000000439, UCLA Department of Economics.
  15. Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
  16. repec:feb:natura:0059 is not listed on IDEAS
  17. Ariely, Dan & Levav, Jonathan, 2000. " Sequential Choice in Group Settings: Taking the Road Less Traveled and Less Enjoyed," Journal of Consumer Research, University of Chicago Press, vol. 27(3), pages 279-90, December.
  18. Gonzalez, Cleotilde & Dana, Jason & Koshino, Hideya & Just, Marcel, 2005. "The framing effect and risky decisions: Examining cognitive functions with fMRI," Journal of Economic Psychology, Elsevier, vol. 26(1), pages 1-20, February.
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