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Do our risk preferences change when we make decisions for others? A meta-analysis of self-other differences in decisions involving risk

Author

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  • Eleonore Batteux
  • Eamonn Ferguson
  • Richard J Tunney

Abstract

Background: Are we more risk-averse or risk-seeking when we make decisions on behalf of other people as opposed to ourselves? So far, findings have not been able to provide a clear and consistent answer. Method: We propose a meta-analysis to assess whether self-other differences vary according to particular features of the decision. We reviewed 78 effect sizes from 49 studies (7,576 participants). Results: There was no overall self-other difference, but there were moderating effects of domain and frame. Decisions in the interpersonal domain were more risk-averse for self than for other. Decisions in the medical domain were more risk-seeking for self than for other. There were no overall self-other differences in the financial domain, however there was a moderating effect of frame: decisions in a gain frame were more risk-averse for self than other whereas decisions in a loss frame were more risk-seeking for self than other. This effect of frame was slightly different overall and in the medical domain, where self-other differences occurred in a loss frame but not in a gain frame. Conclusion: Future work should continue to investigate how the specific content and context of the decision impacts self-other differences in order to understand the effects of domain and frame we report.

Suggested Citation

  • Eleonore Batteux & Eamonn Ferguson & Richard J Tunney, 2019. "Do our risk preferences change when we make decisions for others? A meta-analysis of self-other differences in decisions involving risk," PLOS ONE, Public Library of Science, vol. 14(5), pages 1-19, May.
    • Handle: RePEc:plo:pone00:0216566
    DOI: 10.1371/journal.pone.0216566
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    References listed on IDEAS

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    6. Biroli, Pietro & Bosworth, Steven J. & Della Giusta, Marina & Di Girolamo, Amalia & Jaworska, Sylvia & Vollen, Jeremy, 2020. "Framing the Predicted Impacts of COVID-19 Prophylactic Measures in Terms of Lives Saved Rather Than Deaths Is More Effective for Older People," IZA Discussion Papers 13753, Institute of Labor Economics (IZA).

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