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Tracing risky decisions for oneself and others: The role of intuition and deliberation
Linköping University, Department of Management and Engineering, Economics. Linköping University, Faculty of Arts and Sciences. (JEDI Lab)ORCID iD: 0000-0003-3171-8640
University of Konstanz, Germany; Thurgau Institute of Economics, Switzerland; Department of Psychology, University of Bern, Switzerland.
2019 (English)In: Journal of Economic Psychology, ISSN 0167-4870, E-ISSN 1872-7719Article in journal (Refereed) In press
Abstract [en]

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.

Place, publisher, year, edition, pages
Elsevier, 2019.
Keywords [en]
Decision making for others, Risk preferences, Decision noise, Dual-process theory, Eye-tracking
National Category
Economics
Identifiers
URN: urn:nbn:se:liu:diva-160742DOI: 10.1016/j.joep.2019.102188OAI: oai:DiVA.org:liu-160742DiVA, id: diva2:1357959
Available from: 2019-10-05 Created: 2019-10-05 Last updated: 2019-10-10Bibliographically approved

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Posadzy, Kinga

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  • Other style
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  • de-DE
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  • en-US
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
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Output format
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  • text
  • asciidoc
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