The gap between medical and monetary choices under risk persists in decisions for others

Popovic, Nathalie; Pachur, Thorsten; Gaissmaier, Wolfgang

doi:10.1002/bdm.2121

Cited by 7 publications

(4 citation statements)

References 54 publications

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“…EV theory usually assumes a complex computation process and predicts a longer decision time (Su et al, 2013 ). Therefore, the results suggest that individuals may use multiple strategies in risky choices and shift between these strategies as a function of task and strategic variability, which is consistent with previous studies (Venkatraman et al, 2009 ; Ashby et al, 2018 ; Popovic et al, 2019 ).…”

Section: Discussionsupporting

confidence: 91%

Influence of the Manner of Information Presentation on Risky Choice

Liu

Wei

2021

Front. Psychol.

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We are constantly faced with decisive situations in which the options are not presented simultaneously. How the information of options is presented might influence the subsequent decision-making. For instance, presenting the information of options in an alternative- or dimension-wise manner may affect searching patterns and thus lead to different choices. In this study, the effects of this manner of information presentation on risky choice according to two experiments (Experiment 1, N = 45; Experiment 2, N = 50) are systematically examined. Specifically, two tasks with different presentation are conducted. Participants could search the information of one option (alternative-wise task) or dimension (dimension-wise task) for each time. Results revealed that the participants assigned in the alternative-wise task exhibited more choices consistent with expected value theory and took a longer decision time than those in the dimension-wise task. Moreover, the effect of task on choice was mediated by the direction of information search. These findings suggest a relationship between information search pattern and risky choice and allow for a better understanding of the mechanisms and processes involved in risky choice.

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Section: Discussionsupporting

confidence: 91%

Influence of the Manner of Information Presentation on Risky Choice

Liu

Wei

2021

Front. Psychol.

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“…Why might we see a cautious shift in medical but not financial decisions? Economic and medical decisions seem to elicit different decision processes, where the former is focused on probabilities and the latter on outcomes (Pachur et al, 2014; Popovic et al, 2019). Moreover, increased risk-taking for others in financial decisions and decreased risk-taking in medical decisions is the pattern that manifests itself in the field, which could have affected decision-makers in our study.…”

Section: Discussionmentioning

confidence: 99%

Do We Become More Cautious for Others When Large Amounts of Money Are at Stake?

Batteux

Ferguson

Tunney

2021

Experimental Psychology

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Abstract. A considerable proportion of financial decisions are made by agents acting on behalf of other people. Although people are more cautious for others when making medical decisions, this does not seem to be the case for economic decisions. However, studies with large amounts of money are particularly absent from the literature, which precludes a clear comparison to studies in the medical domain. To address this gap, we investigated the effect of outcome magnitude in two experiments where participants made choices between safe and risky options. Decision-makers were not more cautious for others over large amounts. In fact, risk-taking was accentuated for large amounts in the gain domain. We did not find self-other differences in the loss domain for either outcome magnitude. This suggests that the caution observed in medical decisions does not replicate in financial decisions with large amounts, or at least not in the same way. These results echo the concerns that have been raised about excessive risk-taking by financial agents.

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“…The affect gap is defined as the systematic difference in decision outcomes between affect-rich and affect-poor formats (Pachur et al, 2014). The affect gap has been demonstrated for decisions that affect the self and decisions for others (Popovic et al, 2019). Decision quality appears to be higher in affect-poor relative to affect-rich formats.…”

Section: Affect Gap and Decision Makingmentioning

confidence: 99%

“…In experimental designs that use financial outcomes for affect-rich and affect-poor formats such as the CCT, there is no consistent evidence of age differences in risk taking in affect-poor versus affect-rich decision formats, although older adults appear to be less sensitive to fluctuations in basic task parameters Weller et al, 2019). A recent study in younger adults demonstrated that the affect gap persists in decisions for others (Popovic et al, 2019). Further research is needed on the role of affect and decision making for self versus other in younger and older adults, using formats that are directly comparable.…”

Section: Affect Gap and Decision Makingmentioning

confidence: 99%

Social Decision Making in Younger and Older Adults

Sparrow

2024

Preprint

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<p>Many of our decisions have consequences for those around us, yet psychological research on decision making has traditionally overlooked social dimensions of choice. Aging is associated with a shift in goal motivation from personal to social aspects, heightening altruistic tendencies in older adults. I aimed to investigate social decision making processes in younger and older adults, with a particular focus on risky choice in affect-rich and affect-poor formats. Across 4 experiments, healthy younger and older adults were tested in a laboratory or online and received either hypothetical or real rewards. The within-subjects manipulation for all experiments was the social context (self vs. charity). I predicted that age differences in risk taking would be greater for others given a shift towards emotionally meaningful goals in older age. In Experiment 1, participants completed an affect-poor gambling task. Relative to older adults, younger adults took greater risks for themselves than for the charity, whereas older adults showed no difference.</p> <p>Experiments 2-4 used the Columbia Card Task (CCT), a risky-choice task with affect-rich and affect-poor formats. In Experiment 2, older adults took greater risks for the charity than for themselves, whereas younger adults showed the opposite pattern for affect-poor decisions and no effect for affect-rich decisions. Experiment 3 served as a conceptual replication of Experiment 2 in an online format compatible with the rest of the experiments. Results largely replicated those of Experiment 2, with older adults taking greater risks for the charity than themselves, and younger adults demonstrating the opposite pattern. In Experiment 4, outcomes for self and charity were placed in a tradeoff relationship. Both age groups demonstrated greater risk taking in the self-gain/charity-loss context relative to the charity-gain/self-loss context, but this effect was larger in younger than in older adults. Taken together, older adults demonstrated a less consistent pattern for self-other decisions than younger adults and were less impacted by emotional arousal. Overall, I provide novel evidence of age differences in social decision making, with potential implications for real-world decisions in areas such as health, finance, and philanthropy.</p>

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The gap between medical and monetary choices under risk persists in decisions for others

Cited by 7 publications

References 54 publications

Influence of the Manner of Information Presentation on Risky Choice

Influence of the Manner of Information Presentation on Risky Choice

Do We Become More Cautious for Others When Large Amounts of Money Are at Stake?

Social Decision Making in Younger and Older Adults

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