Tracing risky decisions for oneself and others : The role of intuition and deliberation

Barrafrem, Kinga; Hausfeld, Jan

Tracing risky decisions for oneself and others : The role of intuition and deliberation

Files

There are no files associated with this item.

Date

2020

Authors

Barrafrem, Kinga

Hausfeld, Jan

DOI (citable link)

10.1016/j.joep.2019.102188

Collections

Wirtschaftswissenschaften

Publication type

Journal article

Publication status

Published

Published in

Journal of Economic Psychology ; 77 (2020). - 102188. - Elsevier. - ISSN 0167-4870. - eISSN 1872-7719

Abstract

This study contributes to the understanding of how individuals make choices for themselves and on behalf of others in a risky environment. In a laboratory eye-tracking experiment, we investigate whether risk preferences, decision error, and information processing differ between decisions made for oneself and on behalf of others. While we find no differences in risk preferences when deciding for oneself or for someone else, individuals have a greater decision error when deciding for others. Process data partly explains these differences. Individuals spend less time, have less fixations, and inspect less information when deciding for others. We detect similar processing patterns when comparing intuitive and deliberative decision making. We argue that the processing of decisions for oneself is more effortful and involves more extensive deliberation which, in turn, is related to less decision errors.

Subject (DDC)

330 Economics

Keywords

Decision making for others; Risk preferences; Decision noise; Dual-process theory; Eye-tracking

Cite This

ISO 690

BARRAFREM, Kinga, Jan HAUSFELD, 2020. Tracing risky decisions for oneself and others : The role of intuition and deliberation. In: Journal of Economic Psychology. Elsevier. 77, 102188. ISSN 0167-4870. eISSN 1872-7719. Available under: doi: 10.1016/j.joep.2019.102188

BibTex

@article{Barrafrem2020-03Traci-49406,
  year={2020},
  doi={10.1016/j.joep.2019.102188},
  title={Tracing risky decisions for oneself and others : The role of intuition and deliberation},
  volume={77},
  issn={0167-4870},
  journal={Journal of Economic Psychology},
  author={Barrafrem, Kinga and Hausfeld, Jan},
  note={Article Number: 102188}
}

RDF

<rdf:RDF
    xmlns:dcterms="http://purl.org/dc/terms/"
    xmlns:dc="http://purl.org/dc/elements/1.1/"
    xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#"
    xmlns:bibo="http://purl.org/ontology/bibo/"
    xmlns:dspace="http://digital-repositories.org/ontologies/dspace/0.1.0#"
    xmlns:foaf="http://xmlns.com/foaf/0.1/"
    xmlns:void="http://rdfs.org/ns/void#"
    xmlns:xsd="http://www.w3.org/2001/XMLSchema#" > 
  <rdf:Description rdf:about="https://kops.uni-konstanz.de/server/rdf/resource/123456789/49406">
    <dc:contributor>Barrafrem, Kinga</dc:contributor>
    <dc:contributor>Hausfeld, Jan</dc:contributor>
    <dcterms:title>Tracing risky decisions for oneself and others : The role of intuition and deliberation</dcterms:title>
    <dc:date rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2020-05-06T13:42:52Z</dc:date>
    <dcterms:isPartOf rdf:resource="https://kops.uni-konstanz.de/server/rdf/resource/123456789/46"/>
    <foaf:homepage rdf:resource="http://localhost:8080/"/>
    <dcterms:available rdf:datatype="http://www.w3.org/2001/XMLSchema#dateTime">2020-05-06T13:42:52Z</dcterms:available>
    <void:sparqlEndpoint rdf:resource="http://localhost/fuseki/dspace/sparql"/>
    <dcterms:abstract xml:lang="eng">This study contributes to the understanding of how individuals make choices for themselves and on behalf of others in a risky environment. In a laboratory eye-tracking experiment, we investigate whether risk preferences, decision error, and information processing differ between decisions made for oneself and on behalf of others. While we find no differences in risk preferences when deciding for oneself or for someone else, individuals have a greater decision error when deciding for others. Process data partly explains these differences. Individuals spend less time, have less fixations, and inspect less information when deciding for others. We detect similar processing patterns when comparing intuitive and deliberative decision making. We argue that the processing of decisions for oneself is more effortful and involves more extensive deliberation which, in turn, is related to less decision errors.</dcterms:abstract>
    <dc:creator>Barrafrem, Kinga</dc:creator>
    <dc:creator>Hausfeld, Jan</dc:creator>
    <dc:language>eng</dc:language>
    <dspace:isPartOfCollection rdf:resource="https://kops.uni-konstanz.de/server/rdf/resource/123456789/46"/>
    <dcterms:issued>2020-03</dcterms:issued>
    <bibo:uri rdf:resource="https://kops.uni-konstanz.de/handle/123456789/49406"/>
  </rdf:Description>
</rdf:RDF>

Refereed

Yes