No foreign language effect in incentivized gambles with verbal probability expressions

Abstract

The Foreign Language effect is claimed to decrease risk aversion. We found no such effect. First, we asked N = 229 Polish native speakers to assign numerical values to verbal probability phrases in Polish and English. After finding very few differences, we conducted an incentivized experiment, N = 281, where Poles had to decide whether they would prefer to receive a granted amount of money or take part in a lottery task where the chance of winning was expressed by the phrases from the pre-test. Regardless of the language, the participants made the same choices.

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