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Risk preferences in surrogate decision making

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

Authors

Eleonore Batteux Eleonore.Batteux@nottingham.ac.uk

Eamonn Ferguson eamonn.ferguson@nottingham.ac.uk

Richard J. Tunney



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.

Journal Article Type Article
Journal Experimental Psychology
Print ISSN 1618-3169
Electronic ISSN 2190-5142
Publisher Hogrefe
Peer Reviewed Peer Reviewed
Volume 64
Issue 4
APA6 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
DOI https://doi.org/10.1027/1618-3169/a000371
Keywords surrogate decisions, risk preferences, probability discounting, decision making
Publisher URL http://econtent.hogrefe.com/doi/10.1027/1618-3169/a000371
Copyright Statement Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by/4.0

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Copyright Statement
Copyright information regarding this work can be found at the following address: http://creativecommons.org/licenses/by/4.0





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