Risk preferences in surrogate decision making

Batteux, Eleonore; Ferguson, Eamonn; Tunney, Richard J.

Abstract

There is growing evidence that decisions made on behalf of other people differ from the decisions we make for ourselves because we are less affected by the subjective experience of their outcome. As a result, the decisions we make for other people can be more optimal. This experiment investigated surrogate decision making using a probability discounting task where participants made choices between risky and sure options. Psychological distance between the decision maker and the recipient was manipulated by having participants make decisions for themselves, their friend and another unknown participant. Risk preferences were closer to neutrality (i.e. more consistent with expected value) when making decisions on behalf of another participant than when making decisions for themselves or a friend. We conclude that subjective risk preferences are attenuated in surrogate decision making. Findings are discussed in relation to inconsistencies in the literature and theories of surrogate decision making.

Citation

Batteux, E., Ferguson, E., & Tunney, R. J. (in press). Risk preferences in surrogate decision making. Experimental Psychology, 64(4), https://doi.org/10.1027/1618-3169/a000371

• Journal Article Type: Article
• Acceptance Date: Mar 22, 2017
• Online Publication Date: Sep 18, 2017
• Deposit Date: Mar 22, 2017
• Publicly Available Date: Sep 18, 2017
• Journal: Experimental Psychology
• Print ISSN: 1618-3169
• Electronic ISSN: 2190-5142
• Publisher: Hogrefe
• Peer Reviewed: Peer Reviewed
• Volume: 64
• Issue: 4
• DOI: https://doi.org/10.1027/1618-3169/a000371
• Keywords: surrogate decisions, risk preferences, probability discounting, decision making
• Public URL: https://nottingham-repository.worktribe.com/output/883329
• Publisher URL: http://econtent.hogrefe.com/doi/10.1027/1618-3169/a000371
• Contract Date: Mar 22, 2017