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Do we make decisions for other people based on our predictions of their preferences? evidence from financial and medical scenarios involving risk

Batteux, E; Ferguson, E; Tunney, RJ; (2019) Do we make decisions for other people based on our predictions of their preferences? evidence from financial and medical scenarios involving risk. Thinking & Reasoning 10.1080/13546783.2019.1592779. (In press). Green open access

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Abstract

The ways in which the decisions we make for others differ from the ones we make for ourselves has received much attention in the literature, although less is known about their relationship to our predictions of the recipient’s preferences. The latter question is of particular importance given real-world occurrences of surrogate decision-making which require surrogates to consider the recipient’s preferences. We conducted three experiments which explore this relationship in the medical and financial domains. Although there were mean discrepancies between surrogate predictions and choices, we identified a predictive relationship between the two. Moreover, when participants took high risks for themselves, it seems that they were not willing to do so for others, even when they believed that the recipient’s preferences were similar to their own. We discuss these findings relative to current theories and real-world instances of surrogate decision-making.

Type: Article
Title: Do we make decisions for other people based on our predictions of their preferences? evidence from financial and medical scenarios involving risk
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/13546783.2019.1592779
Publisher version: https://doi.org/10.1080/13546783.2019.1592779
Language: English
Additional information: This is an Open Access article distributed under the terms of the Creative Commons Attribution License (http:// creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Keywords: surrogate decisions; self-other differences; risk preferences; medical decision-making; financial decision-making; DMfO
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/10082005
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