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The impact of the level of responsibility on choices under risk: the role of blame

Gilbert G. Eijkelenboom · Ingrid M. T. Rohde · Alexander Vostroknutov

11 citations0/0 files storedExperimental Economics

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Decision-Making and Behavioral Economics Experimental Behavioral Economics Studies Leadership, Behavior, and Decision-Making Studies

Abstract

Abstract We use a within-subjects design to study how responsibility for the payoffs of different number of others influences the choices under risk, and how choosing together with another person changes these decisions. After controlling for the regression to the mean, we find a weak effect of responsibility for one other person on risk taking as compared to choosing just for oneself. We, however, do find that the number of others influenced by the choice matters: when it increases from one to three, risk averse subjects choose riskier options and risk loving subjects choose more cautiously, which pushes the choices towards the modal risk preferences in the population. Mutual responsibility makes choices for others shift even more in the same direction. The observed behavior is in accordance with the blame avoidance hypothesis: decision makers with responsibility try to reduce the amount of blame for their choices, which is minimal when the choices for others are consistent with what they would have chosen for themselves.

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References

2007z-Tree: Zurich toolbox for ready-made economic experiments 1984Choices, values, and frames.2002Risk Aversion and Incentive Effects 2013Choices, Values, and Frames 2005Peer Influence on Risk Taking, Risk Preference, and Risky Decision Making in Adolescence and Adulthood: An Experimental Study.2008Risk Aversion in the Laboratory 1961A comparison of individual and group decisions involving risk 2004Omission bias, individual differences, and normality

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2019Decision‐makers use social information to update their preferences but choose for others as they do for themselves 2023When nudges promote neutral behavior: an experimental study of managerial decisions under risk and uncertainty 2022Absolute outcome or relative standing? The difference between making decisions for the self and other 2018Decision-makers use social information to update their preferences—but choose for others as they do for themselves

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