Risk attitudes in a social context
By I. Rohde, Kirsten I. M. Rohde. 2011
116 citations recorded by the source corpus.
Many experiments have demonstrated that when evaluating payoffs, people take not only their own payoffs into account, but also the payoffs of others in their social environment. Most of this evidence is found in settings where payoffs are riskless. It is plausible that if people care about the payoffs of others, they do so not only in a riskless context, but also in a risky one. This suggests that an individual’s decision making under risk depends on the risks others in his or her environment face. This paper is the first to test whether individuals’ risk attitudes are affected by the risks others face. The results show that risk attitudes appear to be less affected by others’ risks than expected, even though the same subjects do show concerns for inequality in a riskless setting. Interestingly, we find that people prefer risks to be independent across individuals in society rather than correlated.
Subfields: Cognitive Neuroscience, General Decision Sciences, Safety Research
View Paper: https://www.semanticscholar.org/paper/f8feb36d64627fb2846b999e29cef18164e59c70
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Citations in the corpus
- Social influences on risk attitudes: Applications in economics (2012, background): “Linde and Sonnemans (2009) and Rohde and Rohde (2009) provide theoretical models and empirical tests of this paradigm.”
- Social comparison and risky choices (2009, unknown): “Most closely related to our experiment is an experiment preformed by Rohde and Rohde (2011).”