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

DOI
Publisher DOI
Abstract
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.
Date Issued
2019
Publication Type
Article
Subject(s)
Subjects
Decision making for others
Risk preferences
Decision noise
Dual-process theory
Eye-tracking
Language(s)
en
Author(s)
Barrafrem, Kinga
Additional Credits
Journal
Journal of Economic Psychology
Publisher
Elsevier
ISSN
0167-4870
Access(Rights)
restricted
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