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Choice Under Risk: How Occupation Influences Preferences

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Choice Under Risk: How Occupation Influences Preferences. / Hill, Tetiana; Kusev, P.; van Schaik , P.

In: Frontiers in Psychology, Vol. 10, 2003, 30.08.2019, p. 1-10.

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Hill, Tetiana ; Kusev, P. ; van Schaik , P. / Choice Under Risk: How Occupation Influences Preferences. In: Frontiers in Psychology. 2019 ; Vol. 10. pp. 1-10.

Bibtex

@article{7f3bf122874443bb84e23e321dac4415,
title = "Choice Under Risk: How Occupation Influences Preferences",
abstract = "In the last decade, a number of studies in the behavioral sciences, particularly in psychology and economics, have explored the complexity of individual risk behavior and its underlying factors. Most previous studies have examined the influences of various socio-economic, cognitive, biological and psychological factors on human decision-making, however, the relationship between the decision-makers{\textquoteright} risk preferences and occupational background has not received much empirical attention. Accordingly, in the current study, we investigated how occupational background, together with decision-making framing (e.g., variations in decision domain, context, presentation of risk, and utility ratios), influence participants{\textquoteright} risk preferences for decision options with equivalent expected utility. Our novel findings indicate that risk preferences may vary among individuals from different occupational backgrounds. As such, when the task was framed in gain terms, participants who mostly deal with health/safety-related risks on a day-to-day basis (high-risk occupations) were predominantly risk-averse (avoiding risky options), while participants who mostly deal with financial/social risks (white-collar occupations) were prone to risk-seeking behavior (avoiding certain options). Specifically, in “high-risk” occupations, participants{\textquoteright} pattern of choices changed from risk-averse in gain scenarios to risk-seeking in loss scenarios. However, the opposite pattern of risk preferences was found in participants with “white-collar” occupations. Our findings indicate that decision-makers{\textquoteright} occupational backgrounds influence risk preferences under some circumstances.",
keywords = "Choice under risk, Decision context, Occupation, Risk preferences, Utility",
author = "Tetiana Hill and P. Kusev and {van Schaik}, P.",
note = "{\textcopyright} 2019 Hill, Kusev and van Schaik. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.",
year = "2019",
month = aug,
day = "30",
doi = "10.3389/fpsyg.2019.02003",
language = "English",
volume = "10",
pages = "1--10",
journal = "Frontiers in Psychology",
issn = "1664-1078",
publisher = "Frontiers Media S.A.",

}

RIS

TY - JOUR

T1 - Choice Under Risk: How Occupation Influences Preferences

AU - Hill, Tetiana

AU - Kusev, P.

AU - van Schaik , P.

N1 - © 2019 Hill, Kusev and van Schaik. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

PY - 2019/8/30

Y1 - 2019/8/30

N2 - In the last decade, a number of studies in the behavioral sciences, particularly in psychology and economics, have explored the complexity of individual risk behavior and its underlying factors. Most previous studies have examined the influences of various socio-economic, cognitive, biological and psychological factors on human decision-making, however, the relationship between the decision-makers’ risk preferences and occupational background has not received much empirical attention. Accordingly, in the current study, we investigated how occupational background, together with decision-making framing (e.g., variations in decision domain, context, presentation of risk, and utility ratios), influence participants’ risk preferences for decision options with equivalent expected utility. Our novel findings indicate that risk preferences may vary among individuals from different occupational backgrounds. As such, when the task was framed in gain terms, participants who mostly deal with health/safety-related risks on a day-to-day basis (high-risk occupations) were predominantly risk-averse (avoiding risky options), while participants who mostly deal with financial/social risks (white-collar occupations) were prone to risk-seeking behavior (avoiding certain options). Specifically, in “high-risk” occupations, participants’ pattern of choices changed from risk-averse in gain scenarios to risk-seeking in loss scenarios. However, the opposite pattern of risk preferences was found in participants with “white-collar” occupations. Our findings indicate that decision-makers’ occupational backgrounds influence risk preferences under some circumstances.

AB - In the last decade, a number of studies in the behavioral sciences, particularly in psychology and economics, have explored the complexity of individual risk behavior and its underlying factors. Most previous studies have examined the influences of various socio-economic, cognitive, biological and psychological factors on human decision-making, however, the relationship between the decision-makers’ risk preferences and occupational background has not received much empirical attention. Accordingly, in the current study, we investigated how occupational background, together with decision-making framing (e.g., variations in decision domain, context, presentation of risk, and utility ratios), influence participants’ risk preferences for decision options with equivalent expected utility. Our novel findings indicate that risk preferences may vary among individuals from different occupational backgrounds. As such, when the task was framed in gain terms, participants who mostly deal with health/safety-related risks on a day-to-day basis (high-risk occupations) were predominantly risk-averse (avoiding risky options), while participants who mostly deal with financial/social risks (white-collar occupations) were prone to risk-seeking behavior (avoiding certain options). Specifically, in “high-risk” occupations, participants’ pattern of choices changed from risk-averse in gain scenarios to risk-seeking in loss scenarios. However, the opposite pattern of risk preferences was found in participants with “white-collar” occupations. Our findings indicate that decision-makers’ occupational backgrounds influence risk preferences under some circumstances.

KW - Choice under risk

KW - Decision context

KW - Occupation

KW - Risk preferences

KW - Utility

UR - http://www.scopus.com/inward/record.url?scp=85071932920&partnerID=8YFLogxK

U2 - 10.3389/fpsyg.2019.02003

DO - 10.3389/fpsyg.2019.02003

M3 - Article

VL - 10

SP - 1

EP - 10

JO - Frontiers in Psychology

JF - Frontiers in Psychology

SN - 1664-1078

M1 - 2003

ER -