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

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2020
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Barrafrem, Kinga
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Journal of Economic Psychology. Elsevier. 2020, 77, 102188. ISSN 0167-4870. eISSN 1872-7719. Available under: doi: 10.1016/j.joep.2019.102188
Zusammenfassung

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.

Zusammenfassung in einer weiteren Sprache
Fachgebiet (DDC)
330 Wirtschaft
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Decision making for others; Risk preferences; Decision noise; Dual-process theory; Eye-tracking
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ISO 690BARRAFREM, Kinga, Jan HAUSFELD, 2020. Tracing risky decisions for oneself and others : The role of intuition and deliberation. In: Journal of Economic Psychology. Elsevier. 2020, 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}
}
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