Embracing Chance Tactically
A Different Perspective on Risk Taking
Bibliographic Data
| ID | 12166136 |
|---|---|
| Authors | Orit E Tykocinski (Interdisciplinary Center (IDC) Herzliya Israel, corresponding author), Inbal Amir (Interdisciplinary Center (IDC) Herzliya Israel), Shahar Ayal (0000-0002-7357-1969, Interdisciplinary Center (IDC) Herzliya Israel) |
| Year | 2016 |
| Volume | 30 |
| Issue | 3 |
| Pages | 683-692 |
| Publication date | 2016-08-26 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Behavioral Decision Making (JOURNAL) |
| Journal identifiers | ISSN: 0894-3257 • E-ISSN: 1099-0771 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/bdm.1981 |
| OpenAlex | W2513182424 |
| Language | EN |
| Citations received | 2 |
| References cited | 27 |
Although they value certainty, people are willing to take risks to avoid losses. Consequently, they are risk‐seeking in the domain of losses but risk‐avoidant in the domain of gains. This behavior, frequently demonstrated in framing experiments, is traditionally explained in terms of prospect theory. We suggest a different account whereby involving chance in one's decisions may serve a strategic impression‐formation function. In the domain of losses actors may embrace chance to distance themselves from the outcomes and deflect possible blame. Given potential gains, however, actors may avoid uncertainty to enhance their association with valued outcomes. We test this idea by manipulating the level of actors' personal responsibility for the decision outcomes. The results of four studies consistently showed that when personal responsibility is high, the original framing effect is replicated (i.e., greater risk‐taking when choices are framed in terms of losses rather than gains). However, when because of assigned role or decision circumstances, actors experience low personal responsibility for the outcomes, and the classic framing effect is eliminated. Copyright © 2016 John Wiley & Sons, Ltd
Actuarial science · Blame · Certainty · Economics · Epistemology · Framing (construction · Framing effect · Microeconomics · Perception · Perspective (graphical · Positive economics · Prospect theory · Risk perception · Risk-seeking · Behavioral Health and Interventions · Computer Science · Decision-Making and Behavioral Economics · Experimental Behavioral Economics Studies · Psychology · Social Psychology
Advances in prospect theory
Prospect Theory
The Framing of Decisions and the Psychology of Choice
The psychology of interpersonal relations.
Decision framing
On undesirable consequences of thinking
Cance and luck are not the same
Distinguishing Gains from Nonlosses and Losses from Nongains
Framing effects
Outcome bias in decision evaluation
Culpable control and the psychology of blame
| Citations per year | 0.22 |
|---|---|
| Citation span | 2017 - 2024 (8) |
| Highly cited | No |