Do our risk preferences change when we make decisions for others? A meta-analysis of self-other differences in decisions involving risk

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

Abstract

Background
Are we more risk-averse or risk-seeking when we make decisions on behalf of other people as opposed to ourselves? So far, findings have not been able to provide a clear and consistent answer.
Method
We propose a meta-analysis to assess whether self-other differences vary according to particular features of the decision. We reviewed 78 effect sizes from 49 studies (7,576 participants).
Results
There was no overall self-other difference, but there were moderating effects of domain and frame. Decisions in the interpersonal domain were more risk-averse for self than for other. Decisions in the medical domain were more risk-seeking for self than for other. There were no overall self-other differences in the financial domain, however there was a moderating effect of frame: decisions in a gain frame were more risk-averse for self than other whereas decisions in a loss frame were more risk-seeking for self than other. This effect of frame was slightly different overall and in the medical domain, where self-other differences occurred in a loss frame but not in a gain frame.
Conclusion
Future work should continue to investigate how the specific content and context of the decision impacts self-other differences in order to understand the effects of domain and frame we report.

Citation

Batteux, E., Ferguson, E., & Tunney, R. J. (2019). Do our risk preferences change when we make decisions for others? A meta-analysis of self-other differences in decisions involving risk. PLoS ONE, 14(5), Article e0216566. https://doi.org/10.1371/journal.pone.0216566

• Journal Article Type: Article
• Acceptance Date: Apr 23, 2019
• Online Publication Date: May 8, 2019
• Publication Date: May 8, 2019
• Deposit Date: May 17, 2019
• Publicly Available Date: May 17, 2019
• Journal: PLOS ONE
• Electronic ISSN: 1932-6203
• Publisher: Public Library of Science
• Peer Reviewed: Peer Reviewed
• Volume: 14
• Issue: 5
• Article Number: e0216566
• DOI: https://doi.org/10.1371/journal.pone.0216566
• Keywords: General Biochemistry, Genetics and Molecular Biology; General Agricultural and Biological Sciences; General Medicine
• Public URL: https://nottingham-repository.worktribe.com/output/2061261
• Publisher URL: https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0216566
• Contract Date: May 17, 2019