Tracing risky decisions for oneself and others: The role of intuition and deliberation

Barrafrem, Kinga; Hausfeld, Jan (2019). Tracing risky decisions for oneself and others: The role of intuition and deliberation. Journal of Economic Psychology, 77, p. 102188. Elsevier 10.1016/j.joep.2019.102188

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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.

Item Type:

Journal Article (Original Article)

Division/Institute:

07 Faculty of Human Sciences > Institute of Psychology > Social Neuroscience and Social Psychology

UniBE Contributor:

Hausfeld, Jan

Subjects:

300 Social sciences, sociology & anthropology
100 Philosophy > 150 Psychology
300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0167-4870

Publisher:

Elsevier

Funders:

[UNSPECIFIED] Graduate School of Decision Sciences

Language:

English

Submitter:

Jan Hausfeld

Date Deposited:

17 Feb 2020 13:52

Last Modified:

19 Apr 2020 02:51

Publisher DOI:

10.1016/j.joep.2019.102188

Uncontrolled Keywords:

Decision making for others Risk preferences Decision noise Dual-process theory Eye-tracking

BORIS DOI:

10.7892/boris.140392

URI:

https://boris.unibe.ch/id/eprint/140392

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