Riskier for me or for others? The role of domain and probability in self-other differences, in risky decision-making

Abstract

In social and economic interactions, people often decide differently for others, as against for themselves, under situations involving risks. This sometimes leads to conflicts or contradictions. Although previous studies have explored such contradictions, the findings have been inconsistent. To reconcile these inconsistencies, this paper investigates the role played by the different domains and probabilities in the self-other differences under risk. Two groups of participants completed a gambling task combining different domains (gain vs. loss) and probabilities (small vs. large). One group made decisions for others and the other group made decisions for themselves. The results revealed a four pattern of discrepancy: the ones who made decisions for others were less risk-seeking than those who made decisions for themselves over the small probability gains. This was reversed over the large probability gains. Conversely, the participants who made decisions for others were more risk-seeking than those who made decisions for themselves over the small probability losses. The results were reversed over the large probability losses. These results reconcile the contradictory findings of the previous studies and suggest the significant role played by contextual factors in such discrepancies.