| Literature DB >> 31543852 |
Tetiana Hill1, Petko Kusev2, Paul van Schaik3.
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' 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.Entities:
Keywords: choice under risk; decision context; occupation; risk preferences; utility
Year: 2019 PMID: 31543852 PMCID: PMC6730483 DOI: 10.3389/fpsyg.2019.02003
Source DB: PubMed Journal: Front Psychol ISSN: 1664-1078
FIGURE 1Decision in “white-collar” occupations, as a function of domain, utility ratio, presentation, and context (risk-averse preferences: RA; risk-seeking preferences: RS).
FIGURE 2Decision in “high-risk” occupations, as a function of domain, utility ratio, presentation, and context (risk-averse preferences: RA; risk-seeking preferences: RS).
FIGURE 3Decision as a function of occupation and domain (risk-averse preferences: RA; risk-seeking preferences: RS).
FIGURE 4Decision as a function of occupation and utility ratio (risk-averse preferences: RA; risk-seeking preferences: RS).
FIGURE 5Decision as a function of domain and context (risk-averse preferences: RA; risk-seeking preferences: RS).
Regression coefficients, “white-collar” occupations.
| (Intercept) | 1.69 | 1.07 | 2.72 |
| Domain (loss) | 0.51 | 0.41 | 0.62 |
| Presentation (visual) | 1.16 | 0.94 | 1.43 |
| Utility ratio (low) | 1.39 | 1.13 | 1.72 |
| Context (economics vs. ecology) | 0.82 | 0.61 | 1.11 |
| Context (health vs. ecology) | 0.97 | 0.72 | 1.30 |
| Context (technology vs. ecology) | 0.78 | 0.58 | 1.05 |
Regression coefficients, “high-risk” occupations.
| (Intercept) | 0.45 | 0.27 | 0.74 |
| Domain (loss) | 2.08 | 1.67 | 2.59 |
| Presentation (visual) | 1.27 | 1.03 | 1.58 |
| Utility ratio (low) | 0.86 | 0.70 | 1.07 |
| Context (economics vs. ecology) | 1.23 | 0.91 | 1.67 |
| Context (health vs. ecology) | 1.51 | 1.11 | 2.05 |
| Context (technology vs. ecology) | 1.39 | 1.02 | 1.88 |