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Social Risk Effects: The 'Experience of Social Risk' Factor

Diekert, Florian ; Goeschl, Timo ; König-Kersting, Christian

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Abstract

Anticipating "social risk", or risk caused by humans, affects decision-making differently from anticipating natural risk. Drawing upon a large sample of the US population (n=3,982), we show that the phenomenon generalizes to risk experience. Experiencing adverse outcomes caused by another human reduces future risk-taking, but experiencing the same outcome caused by nature does not. While puzzling from a consequentialist perspective, the Experience of Social Risk Factor that we identify deepens our understanding of decision-making in settings in which outcomes are co-determined by different sources of uncertainty. Our findings imply that a unifying theory of social risk effects requires new explanations.

Document type: Working paper
Series Name: Discussion Paper Series / University of Heidelberg, Department of Economics
Volume: 0704
Place of Publication: Heidelberg
Date Deposited: 02 Aug 2021 12:13
Date: July 2021
Number of Pages: 32
Faculties / Institutes: The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics
DDC-classification: 330 Economics
Controlled Keywords: behavioral economics, experiment
Uncontrolled Keywords: social risk, risk experience, decision-making under risk
Schriftenreihe ID: Discussion Paper Series / University of Heidelberg, Department of Economics
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