Responsibility effects in decision making under risk
We explore situations in which a decision-maker bears responsibility for somebody else's outcomes as well as for her own. For gains we confirm the intuition that being responsible for somebody else's payoffs increases risk aversion, while in the loss domain we find increased risk seeking. In a second experiment we replicate the finding of increased risk aversion for large probabilities of a gain, while for small probability gains we find an increase of risk seeking under conditions of responsibility. This discredits hypotheses of a cautious shift under responsibility, and indicates an accentuation of the fourfold pattern of risk attitudes usually found for individual choices.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: ++49 - 30 - 25491 - 0
Fax: ++49 - 30 - 25491 - 684
Web page: http://www.wzb.eu/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Alistair Munro & Ian Bateman, 2004.
"An Experiment On Risky Choice Amongst Households,"
Royal Economic Society Annual Conference 2004
77, Royal Economic Society.
- Mathieu Lefebvre & Ferdinand Vieider & Marie Claire Villeval, 2010.
"Incentive Effects on Risk Attitude in Small Probability Prospects,"
- Lefebvre, Mathieu & Vieider, Ferdinand M. & Villeval, Marie Claire, 2010. "Incentive effects on risk attitude in small probability prospects," Economics Letters, Elsevier, vol. 109(2), pages 115-120, November.
- Mathieu Lefebvre & Ferdinand Vieider & Marie-Claire Villeval, 2009. "Incentive Effects on Risk Attitude in Small Probability Prospects," Working Papers 0926, Groupe d'Analyse et de Théorie Economique (GATE), Centre national de la recherche scientifique (CNRS), Université Lyon 2, Ecole Normale Supérieure.
- Mathieu Lefebvre & Ferdinand Vieider & Marie-Claire Villeval, 2009. "Incentive Effects on Risk Attitude in Small Probability Prospects," Post-Print halshs-00435957, HAL.
- Lefèbvre, Mathieu & Vieider, Ferdinand M. & Villeval, Marie Claire, 2009. "Incentive Effects on Risk Attitude in Small Probability Prospects," IZA Discussion Papers 4545, Institute for the Study of Labor (IZA).
- Manel Baucells & Martin Weber & Frank Welfens, 2011. "Reference-Point Formation and Updating," Management Science, INFORMS, vol. 57(3), pages 506-519, March.
- Ingrid Rohde & Kirsten Rohde, 2011. "Risk attitudes in a social context," Journal of Risk and Uncertainty, Springer, vol. 43(3), pages 205-225, December.
- Mohammed Abdellaoui & Aurelien Baillon & Laetitia Placido & Peter P. Wakker, 2011. "The Rich Domain of Uncertainty: Source Functions and Their Experimental Implementation," American Economic Review, American Economic Association, vol. 101(2), pages 695-723, April.
- Mohammed Abdellaoui & Olivier L’Haridon & Horst Zank, 2010. "Separating curvature and elevation: A parametric probability weighting function," Journal of Risk and Uncertainty, Springer, vol. 41(1), pages 39-65, August.
- Sujoy Chakravarty & Glenn W. Harrison & Ernan E. Haruvy & E. Elisabet Rutström, 2011.
"Are You Risk Averse over Other People's Money?,"
Southern Economic Journal,
Southern Economic Association, vol. 77(4), pages 901-913, April.
- Urs Fischbacher, 2007. "z-Tree: Zurich toolbox for ready-made economic experiments," Experimental Economics, Springer, vol. 10(2), pages 171-178, June.
- Catherine C. Eckel & Philip J. Grossman, 2008.
"Sex and Risk: Experimental Evidence,"
Monash Economics Working Papers
archive-09, Monash University, Department of Economics.
- Eckel, Catherine C. & Grossman, Philip J., 2008. "Men, Women and Risk Aversion: Experimental Evidence," Handbook of Experimental Economics Results, Elsevier.
- Hela Maafi, 2011. "Preference Reversals Under Ambiguity," Management Science, INFORMS, vol. 57(11), pages 2054-2066, November.
When requesting a correction, please mention this item's handle: RePEc:zbw:wzbrad:spii2012402. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics)
If references are entirely missing, you can add them using this form.