Are decisions made by group representatives more risk averse? The effect of sense of responsibility
Journal Publication ResearchOnline@JCUAbstract
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.
Journal
Journal of Behavioral Decision Making
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Volume
31
ISBN/ISSN
1099-0771
Edition
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Issue
3
Pages Count
13
Location
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Publisher
Wiley
Publisher Url
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Publisher Location
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Publish Date
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Url
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Date
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EISSN
N/A
DOI
10.1002/bdm.2057