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Risk Preferences in Surrogate Decision Making

Batteux, E; Ferguson, E; Tunney, RJ; (2017) Risk Preferences in Surrogate Decision Making. Experimental Psychology , 64 (4) pp. 290-297. 10.1027/1618-3169/a000371. Green open access

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Abstract

There is growing evidence that decisions made on behalf of other people differ from the decisions we make for ourselves because we are less affected by the subjective experience of their outcome. As a result, the decisions we make for other people can be more optimal. This experiment investigated surrogate decision making using a probability discounting task where participants made choices between risky and sure options. Psychological distance between the decision maker and the recipient was manipulated by having participants make decisions for themselves, their friend, and another unknown participant. Risk preferences were closer to neutrality (i.e., more consistent with expected value) when making decisions on behalf of another participant than when making decisions for themselves or a friend. We conclude that subjective risk preferences are attenuated in surrogate decision making. Findings are discussed in relation to inconsistencies in the literature and theories of surrogate decision making

Type: Article
Title: Risk Preferences in Surrogate Decision Making
Open access status: An open access version is available from UCL Discovery
DOI: 10.1027/1618-3169/a000371
Publisher version: https://doi.org/10.1027/1618-3169/a000371
Language: English
Additional information: Distributed as a Hogrefe OpenMind article under the license CC BY 4.0 (http://creativecommons.org/licenses/by/4.0)
Keywords: surrogate decisions, risk preferences, probability discounting, decision making
UCL classification: UCL
UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences
UCL > Provost and Vice Provost Offices > School of Life and Medical Sciences > Faculty of Brain Sciences > Div of Psychology and Lang Sciences > Clinical, Edu and Hlth Psychology
URI: https://discovery.ucl.ac.uk/id/eprint/10082002
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