Are decisions made by group representatives more risk averse? The effect of sense of responsibility

Wang, Zuo-Jun, Kuang, Yi, Tang, Hui-Yi, Gao, Cong, Chen, Ai, and Chan, Kai Qin (2018) Are decisions made by group representatives more risk averse? The effect of sense of responsibility. Journal of Behavioral Decision Making, 31 (3). pp. 311-323.

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We tested the hypothesis that a sense of responsibility drives group representatives' decisions to be more risk averse compared with decisions made by individuals. The hypothesis was supported when the monetary considerations (i.e., payoff inequality and the magnitude effect) were controlled for in the potential gain domain as well as in the potential loss domain. Evidence showed that this is because the group representatives were concerned about how they would view themselves (e.g., guilt and self-blame) and also how they would be viewed by others (i.e., to avoid being blamed and looked down upon by others). This study provided new insights into understanding group representatives' decision making under risk.

Item ID: 56526
Item Type: Article (Research - C1)
ISSN: 1099-0771
Keywords: group representative decision; sense of responsibility; risk aversion; others-concern motivation
Copyright Information: Copyright © 2017 John Wiley & Sons, Ltd.
Funders: Zhejiang Provincial Natural Science Foundation of China (ZPNSF), Ningbo University (NU)
Projects and Grants: ZPNSF LY17C090001, NU K. C. Wong Magna Fund
Date Deposited: 14 Jan 2019 01:18
FoR Codes: 52 PSYCHOLOGY > 5205 Social and personality psychology > 520505 Social psychology @ 100%
SEO Codes: 97 EXPANDING KNOWLEDGE > 970117 Expanding Knowledge in Psychology and Cognitive Sciences @ 100%
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