Speaker: Zhiqin Chen, Ph.D. candidate University of Southern California

Time: 2017-12-20 13:00 - 15:00

Venue: Room 1206, Wang Kezhen Building

Abstract: A decision maker’s risk and time preferences were widely recognized and studied in decisions for self. However, the extension of preferences for self to preferences for others is still under discussion. I will present three studies investigating six common preferences including risk aversion towards gains, risk seeking towards losses, loss aversion, ambiguity aversion, time inconsistency and honoring sunk cost in the context of decision making for self, suggested decisions for others and predictions of others’ decisions. Due to possible effects of psychological distance, both close friends and stranger suggested decisions and predictions were compared. Results from a representative, US sample (N = 766), indicate that preferences are context-dependent and cannot be generalized as common phenomena in both decision making for self and decision making for others (close friends or strangers). The observed differences among decisions for self, suggestions to others and predictions of others’ decisions in preference intensity reveal how preferences change in different situations. In addition, across all self-other decisions, moderate to weak correlations were found between preference tendencies and personal distress, numeracy, non-planning impulsiveness and motor impulsiveness.

Host: Prof. Xiaofei Xie