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Risk taking for oneself and others: a structural model approach
[Arbeitspapier]
Körperschaftlicher Herausgeber
Wissenschaftszentrum Berlin für Sozialforschung gGmbH
Abstract We examine situations in which a decision maker decides for another person as well as herself under conditions of payoff equality, and compare such decisions under responsibility to individual decisions. Estimating a structural model we find that responsibility leaves utility curvature unaffected, b... mehr
We examine situations in which a decision maker decides for another person as well as herself under conditions of payoff equality, and compare such decisions under responsibility to individual decisions. Estimating a structural model we find that responsibility leaves utility curvature unaffected, but accentuates the subjective distortion of very small and very large probabilities for both gains and losses. This results in an accentuation of prospect theory's four-fold pattern of risk preferences under responsibility. In addition, we also find that responsibility reduces loss aversion according to some common definitions of the latter. These results serve to reconcile some of the still largely contradictory findings in the literature on decisions for oneself and others under payoff equality. (author's abstract)... weniger
Thesaurusschlagwörter
Präferenz; soziale Verantwortung; Entscheidung; Risikoverhalten
Klassifikation
Sozialpsychologie
Allgemeine Soziologie, Makrosoziologie, spezielle Theorien und Schulen, Entwicklung und Geschichte der Soziologie
Sprache Dokument
Englisch
Publikationsjahr
2015
Erscheinungsort
Berlin
Seitenangabe
31 S.
Schriftenreihe
Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, WZB-Nachwuchsgruppe Risiko und Entwicklung, SP II 2015-401
Handle
https://hdl.handle.net/10419/106817
Status
Veröffentlichungsversion; begutachtet
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung