Social comparison and risk taking behavior

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• 作者：Astrid Gamba ; Elena Manzoni ; Luca Stanca
• 关键词：Social comparison ; Risk aversion ; Interdependent preferences ; Reference point
• 刊名：Theory and Decision
• 出版年：2017
• 出版时间：February 2017
• 年：2017
• 卷：82
• 期：2
• 页码：221-248
• 全文大小：
• 刊物类别：Business and Economics
• 刊物主题：Economic Theory/Quantitative Economics/Mathematical Methods; Game Theory, Economics, Social and Behav. Sciences; Operation Research/Decision Theory; Behavioral/Experimental Economics; Statistics for B
• 出版者：Springer US
• ISSN：1573-7187
• 卷排序：82

文摘

This paper studies the effects of social comparison on risk taking behavior. In our theoretical framework, decision makers evaluate the consequences of their choices relative to both their own and their peers’ conditions. We test experimentally whether the position in the social ranking affects risk attitudes. Subjects interact in a simulated workplace environment where they perform a work task, receive possibly different wages, and then undertake a risky decision that may produce an extra gain. We find that social comparison matters for risk attitudes. Subjects are more risk averse in the presence of small social gain than social loss. In addition, risk aversion is decreasing in the size of the social gain.