Pub Date : 2025-06-11DOI: 10.1016/j.socec.2025.102390
Marielle Brunette , Stéphane Couture , Kene Boun My
Decisions under ambiguity are an integral part of the daily life of economic decision-makers. However, if ambiguity bears on the probability, on the outcome, or on both, making a decision then becomes non-trivial and the source of ambiguity can have a major impact on the decision. In this paper, we study how decision-makers react to these different sources of ambiguity. For that purpose, we implemented a lab experiment with 209 students. We found that decision-makers prefer risk over different sources of ambiguity. They also prefer outcome ambiguity to probabilistic ambiguity and double ambiguity. Interestingly, when ambiguity exists in both the outcome and probability, subjects prefer double ambiguity to probabilistic ambiguity.
{"title":"Probabilistic ambiguity, outcome ambiguity or both: Does it matter for the decision-maker?","authors":"Marielle Brunette , Stéphane Couture , Kene Boun My","doi":"10.1016/j.socec.2025.102390","DOIUrl":"10.1016/j.socec.2025.102390","url":null,"abstract":"<div><div>Decisions under ambiguity are an integral part of the daily life of economic decision-makers. However, if ambiguity bears on the probability, on the outcome, or on both, making a decision then becomes non-trivial and the source of ambiguity can have a major impact on the decision. In this paper, we study how decision-makers react to these different sources of ambiguity. For that purpose, we implemented a lab experiment with 209 students. We found that decision-makers prefer risk over different sources of ambiguity. They also prefer outcome ambiguity to probabilistic ambiguity and double ambiguity. Interestingly, when ambiguity exists in both the outcome and probability, subjects prefer double ambiguity to probabilistic ambiguity.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102390"},"PeriodicalIF":1.6,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-11DOI: 10.1016/j.socec.2025.102385
Jaromír Kovářík , Ibai Martínez-Macías , Luis Miller
This paper examines the relationship between effort and distributive preferences in a setting where effort does not affect the total amount available for distribution. While prior research has shown a link from effort to distributive preferences, we provide empirical evidence of the reverse relationship: individuals who make egalitarian choices exert less effort one year later compared to those who act selfishly. To test this, we use a unique dataset from participants who participated in a real-effort experiment with distributional choices on two distinct occasions, one year apart. Our findings offer an explanation for the self-serving interpretations of fairness observed in the literature and underscore the role of distributive preferences as a key determinant of effort and productivity.
{"title":"Distributive preferences and effort provision: A two-way link?","authors":"Jaromír Kovářík , Ibai Martínez-Macías , Luis Miller","doi":"10.1016/j.socec.2025.102385","DOIUrl":"10.1016/j.socec.2025.102385","url":null,"abstract":"<div><div>This paper examines the relationship between effort and distributive preferences in a setting where effort does not affect the total amount available for distribution. While prior research has shown a link from effort to distributive preferences, we provide empirical evidence of the reverse relationship: individuals who make egalitarian choices exert less effort one year later compared to those who act selfishly. To test this, we use a unique dataset from participants who participated in a real-effort experiment with distributional choices on two distinct occasions, one year apart. Our findings offer an explanation for the self-serving interpretations of fairness observed in the literature and underscore the role of distributive preferences as a key determinant of effort and productivity.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102385"},"PeriodicalIF":1.6,"publicationDate":"2025-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144289179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-07DOI: 10.1016/j.socec.2025.102389
Inmaculada R. Puerta , José Luis Pinto
This paper examines the extent to which reference-dependent loss aversion, on its own, can explain choice behaviour under risk. To this end, a model of preferences over monetary lotteries and a rule of endogenous reference points are developed. The model is characterised by a new property of reference-dependent loss aversion. It is reduced to the expected value when the reference point is invariant across choices and satisfies first-order stochastic dominance. Our findings highlight the crucial role of loss aversion in explaining risk attitudes. In particular, the results show that the change in the reference point could be responsible for the observed well-known choice patterns, such as the common consequence effect and the common ratio effect, as well as for their reverse effects. The model predicts this behaviour by making use of only one function that weights losses with a value that increases with the reference point. Neither a probability weighting function nor a specific functional form for the utility of outcomes is required.
{"title":"Can reference-dependent loss aversion explain choice behaviour?","authors":"Inmaculada R. Puerta , José Luis Pinto","doi":"10.1016/j.socec.2025.102389","DOIUrl":"10.1016/j.socec.2025.102389","url":null,"abstract":"<div><div>This paper examines the extent to which reference-dependent loss aversion, on its own, can explain choice behaviour under risk. To this end, a model of preferences over monetary lotteries and a rule of endogenous reference points are developed. The model is characterised by a new property of reference-dependent loss aversion. It is reduced to the expected value when the reference point is invariant across choices and satisfies first-order stochastic dominance. Our findings highlight the crucial role of loss aversion in explaining risk attitudes. In particular, the results show that the change in the reference point could be responsible for the observed well-known choice patterns, such as the common consequence effect and the common ratio effect, as well as for their reverse effects. The model predicts this behaviour by making use of only one function that weights losses with a value that increases with the reference point. Neither a probability weighting function nor a specific functional form for the utility of outcomes is required.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102389"},"PeriodicalIF":1.6,"publicationDate":"2025-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144271145","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-06DOI: 10.1016/j.socec.2025.102397
Anthony Roig , Régis Thouvarecq , James Rivière
The generalization of risk-taking behavior across different domains and the forces that drive it are current topics of debate. This study investigated economic and physical risk-taking in young children. A total of sixty 7- to 9-year-olds were presented with two computerized risk-taking tasks that tapped different domains, namely economic losses in the Balloon Analogue Risk Task (BART) and physical injury in the Simulated Traffic Task (STT). Our results revealed that the children who displayed the highest risk propensity in the gambling task were more likely to cause a (hypothetical) accident in the simulated street-crossing task. Our findings also showed that the use of novel, unexpected vehicles in the simulated street-crossing task increased physical risk-taking in children. We suggest that an exploratory search strategy functions as a proximate mechanism that increases both economic risk proneness and physical risk-taking in children.
{"title":"Economic and physical risk-taking in 7- to 9-year-olds: The link with a novelty-driven exploratory strategy","authors":"Anthony Roig , Régis Thouvarecq , James Rivière","doi":"10.1016/j.socec.2025.102397","DOIUrl":"10.1016/j.socec.2025.102397","url":null,"abstract":"<div><div>The generalization of risk-taking behavior across different domains and the forces that drive it are current topics of debate. This study investigated economic and physical risk-taking in young children. A total of sixty 7- to 9-year-olds were presented with two computerized risk-taking tasks that tapped different domains, namely economic losses in the Balloon Analogue Risk Task (BART) and physical injury in the Simulated Traffic Task (STT). Our results revealed that the children who displayed the highest risk propensity in the gambling task were more likely to cause a (hypothetical) accident in the simulated street-crossing task. Our findings also showed that the use of novel, unexpected vehicles in the simulated street-crossing task increased physical risk-taking in children. We suggest that an exploratory search strategy functions as a proximate mechanism that increases both economic risk proneness and physical risk-taking in children.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102397"},"PeriodicalIF":1.6,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144254850","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-03DOI: 10.1016/j.socec.2025.102395
Xin Wen , Zhiming Cheng , Massimiliano Tani
We explore the link between child gender and household financial decisions within a cultural environment that strongly favours having a son. Using data from the China Household Finance Survey (CHFS), we find that the presence of a daughter is associated with a lower saving rate, consistent with the hypothesis that the relative under-supply of unmarried women generates a less competitive marriage market for families with daughters vs. those with sons. As a result, such families have lower incentives to endow their daughters with bigger asset pools to enhance their marital prospects. The correlation becomes more pronounced as the daughter approaches marriageable age, and it is more common among families where the head has low financial literacy and limited education and lives in rural areas.
{"title":"Daughters, Savings and Household Finances","authors":"Xin Wen , Zhiming Cheng , Massimiliano Tani","doi":"10.1016/j.socec.2025.102395","DOIUrl":"10.1016/j.socec.2025.102395","url":null,"abstract":"<div><div>We explore the link between child gender and household financial decisions within a cultural environment that strongly favours having a son. Using data from the China Household Finance Survey (CHFS), we find that the presence of a daughter is associated with a lower saving rate, consistent with the hypothesis that the relative under-supply of unmarried women generates a less competitive marriage market for families with daughters vs. those with sons. As a result, such families have lower incentives to endow their daughters with bigger asset pools to enhance their marital prospects. The correlation becomes more pronounced as the daughter approaches marriageable age, and it is more common among families where the head has low financial literacy and limited education and lives in rural areas.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102395"},"PeriodicalIF":1.6,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144338453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-06-03DOI: 10.1016/j.socec.2025.102376
Gwen-Jirō Clochard
Trust in the police has many positive effects, so it is important to explore solutions to improve police-community relations, especially in areas where such relations are deteriorated. In this paper, I use a lab-in-the-field experiment in two high schools in France to investigate the effect of a brief and controlled discussion - contact - between police officers and students on trust. The results indicate a positive effect of contact on trust at the individual level, i.e. toward the specific police officer met. However, the effect does not translate into an increase in trust in the police in general. A Bayesian model of belief formation can shed light on why a single contact may not be sufficient in the case of prior — negative — interactions. This paper can have implications for the most widely used policy to improve perceptions of the police, namely community policing.
{"title":"Using a brief contact to improve trust in the police by the youth","authors":"Gwen-Jirō Clochard","doi":"10.1016/j.socec.2025.102376","DOIUrl":"10.1016/j.socec.2025.102376","url":null,"abstract":"<div><div>Trust in the police has many positive effects, so it is important to explore solutions to improve police-community relations, especially in areas where such relations are deteriorated. In this paper, I use a lab-in-the-field experiment in two high schools in France to investigate the effect of a brief and controlled discussion - <em>contact</em> - between police officers and students on trust. The results indicate a positive effect of contact on trust at the individual level, i.e. toward the specific police officer met. However, the effect does not translate into an increase in trust in the police in general. A Bayesian model of belief formation can shed light on why a single contact may not be sufficient in the case of prior — negative — interactions. This paper can have implications for the most widely used policy to improve perceptions of the police, namely community policing.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102376"},"PeriodicalIF":1.6,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144203363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-05-30DOI: 10.1016/j.socec.2025.102392
Juliane V. Wiese , Nattavudh Powdthavee , Jonathan X.W. Yeo , Yohanes E. Riyanto
Success in life often arises from a combination of effort and being in the right place at the right time, making it difficult to disentangle the roles of merit and luck. This study explores whether revealing the unobserved performance of non-winners in unreceived opportunities influences the redistributive behavior of winners. We designed a game in which both winners and non-winners contribute to a task, but only the winners benefit from its success. A distinct feature of our design is that winning primarily depends on both initial and subsequent luck in securing opportunities, meaning winners can contribute minimally yet still achieve success. Our findings indicate that winners generally feel a strong sense of justified deservingness. The more winners contribute relative to non-winners during the production phase, the less they redistribute. However, when winners learn about non-winners’ potential performance in unreceived opportunities, redistribution significantly increases—even though this potential performance is irrelevant to the joint task. This suggests that acknowledging the potential contributions of non-winners leads to a shift in winners' perceptions of fairness. The effect remains consistent regardless of whether the task is based on luck or merit. These findings highlight the importance of considering both luck and merit in understanding redistributive behavior and suggest that recognising unobserved effort can mitigate the tendency to attribute success exclusively to one’s own contributions.
{"title":"Unveiling the effects of hidden luck and merit on redistribution in groups","authors":"Juliane V. Wiese , Nattavudh Powdthavee , Jonathan X.W. Yeo , Yohanes E. Riyanto","doi":"10.1016/j.socec.2025.102392","DOIUrl":"10.1016/j.socec.2025.102392","url":null,"abstract":"<div><div>Success in life often arises from a combination of effort and being in the right place at the right time, making it difficult to disentangle the roles of merit and luck. This study explores whether revealing the unobserved performance of non-winners in unreceived opportunities influences the redistributive behavior of winners. We designed a game in which both winners and non-winners contribute to a task, but only the winners benefit from its success. A distinct feature of our design is that winning primarily depends on both initial and subsequent luck in securing opportunities, meaning winners can contribute minimally yet still achieve success. Our findings indicate that winners generally feel a strong sense of justified deservingness. The more winners contribute relative to non-winners during the production phase, the less they redistribute. However, when winners learn about non-winners’ potential performance in unreceived opportunities, redistribution significantly increases—even though this potential performance is irrelevant to the joint task. This suggests that acknowledging the potential contributions of non-winners leads to a shift in winners' perceptions of fairness. The effect remains consistent regardless of whether the task is based on luck or merit. These findings highlight the importance of considering both luck and merit in understanding redistributive behavior and suggest that recognising unobserved effort can mitigate the tendency to attribute success exclusively to one’s own contributions.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102392"},"PeriodicalIF":1.6,"publicationDate":"2025-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144242699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2025-05-29DOI: 10.1016/j.socec.2025.102391
Yunyun Wang , Ting Chen , Xunyong Xiang
Despite extensive research on appearance discrimination in labor markets, little attention has been given to its role in higher education admissions. This paper investigates the impact of students' physical attractiveness on college admission outcomes, using unique data from an international high school in China. Employing an ordered logit model and AI-based attractiveness scoring, we find that more attractive students tend to be admitted to higher-ranked colleges. This effect is particularly pronounced in business-related majors, private institutions, and among male students. Furthermore, face-to-face interviews mitigate the bias induced by physical attractiveness, leading to more balanced admission decisions. These findings suggest that the “beauty premium” extends beyond labor markets into education, with important implications for fairness in university admissions. Our research contributes to the growing body of literature on appearance-based discrimination and highlights the need for more transparent and inclusive admissions practices.
{"title":"More than just grades: The role of physical attractiveness in college admission processes","authors":"Yunyun Wang , Ting Chen , Xunyong Xiang","doi":"10.1016/j.socec.2025.102391","DOIUrl":"10.1016/j.socec.2025.102391","url":null,"abstract":"<div><div>Despite extensive research on appearance discrimination in labor markets, little attention has been given to its role in higher education admissions. This paper investigates the impact of students' physical attractiveness on college admission outcomes, using unique data from an international high school in China. Employing an ordered logit model and AI-based attractiveness scoring, we find that more attractive students tend to be admitted to higher-ranked colleges. This effect is particularly pronounced in business-related majors, private institutions, and among male students. Furthermore, face-to-face interviews mitigate the bias induced by physical attractiveness, leading to more balanced admission decisions. These findings suggest that the “beauty premium” extends beyond labor markets into education, with important implications for fairness in university admissions. Our research contributes to the growing body of literature on appearance-based discrimination and highlights the need for more transparent and inclusive admissions practices.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102391"},"PeriodicalIF":1.6,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144229770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Citizens’ ability to make informed and thoughtful choices when voting for policy proposals rests on their exposure to, and acceptance of, accurate information about the costs and benefits that each proposal entails. We study whether certain social factors affect the disposition to drop a misconception, the belief that rent control increases the availability of affordable housing. We design an on-line experiment where all participants watch a video explaining the scientific evidence on the consequences of this policy. We test whether letting them give feedback (giving voice) and informing them about others’ change of beliefs (social information) helps in reducing the misconception. Giving voice does not have an additional effect relative to a benchmark group that only watches the video. Social information further reduces the misconception, but only when it specifies how different groups of people have responded to the video. This result is compatible with several mechanisms, but our experiment is not designed to identify them. Additionally, changes in beliefs translate into intended voting against the policy, and into recommending the video. Finally, ideological position and a zero–sum mentality are correlated with the initial misconception, but these two factors do not hinder participants’ disposition toward dropping it following the intervention.
{"title":"Do giving voice and social information help in revising a misconception about rent–control?","authors":"Jordi Brandts , Isabel Busom , Cristina Lopez-Mayan","doi":"10.1016/j.socec.2025.102374","DOIUrl":"10.1016/j.socec.2025.102374","url":null,"abstract":"<div><div>Citizens’ ability to make informed and thoughtful choices when voting for policy proposals rests on their exposure to, and acceptance of, accurate information about the costs and benefits that each proposal entails. We study whether certain social factors affect the disposition to drop a misconception, the belief that rent control increases the availability of affordable housing. We design an on-line experiment where all participants watch a video explaining the scientific evidence on the consequences of this policy. We test whether letting them give feedback (giving voice) and informing them about others’ change of beliefs (social information) helps in reducing the misconception. Giving voice does not have an additional effect relative to a benchmark group that only watches the video. Social information further reduces the misconception, but only when it specifies how different groups of people have responded to the video. This result is compatible with several mechanisms, but our experiment is not designed to identify them. Additionally, changes in beliefs translate into intended voting against the policy, and into recommending the video. Finally, ideological position and a zero–sum mentality are correlated with the initial misconception, but these two factors do not hinder participants’ disposition toward dropping it following the intervention.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102374"},"PeriodicalIF":1.6,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144189811","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Recently, laboratory and field experiments have been increasingly used in health economics to predict the behavior of physicians in connection with different payment systems. However, these studies often employ students as decision-makers, assuming that they are a good proxy for the behavior of real physicians, as no qualitative difference between physicians and students’ decisions is often observed. Employing a large sample of experimental data, we investigate whether attitudes toward risk varied significantly between physicians, medical and non-medical students in the monetary domain. The results show significant variation in risk attitude regardless of the estimation technique employed, suggesting constant relative risk aversion as a supported representation of risk preferences. Finally, physicians were less risk-averse than any other participant type in the sample, suggesting that medical risk attitudes differed from other participants, at least in the monetary domain. Given the difficulty in involving real physicians due to their participation barriers, employing medical and non-medical students in experiments is the second-best option. However, researchers must be careful when designing tasks because choices may differ across various contexts. Additionally, policymakers must be cautious when drawing policy implications from laboratory predictions, not taking it for granted that students’ decisions fully match physicians’ decisions.
{"title":"Assessing risk attitudes among physicians, medical students, and non-medical students with experimental data","authors":"Calogero Guccio , Domenica Romeo , Massimo Finocchiaro Castro","doi":"10.1016/j.socec.2025.102384","DOIUrl":"10.1016/j.socec.2025.102384","url":null,"abstract":"<div><div>Recently, laboratory and field experiments have been increasingly used in health economics to predict the behavior of physicians in connection with different payment systems. However, these studies often employ students as decision-makers, assuming that they are a good proxy for the behavior of real physicians, as no qualitative difference between physicians and students’ decisions is often observed. Employing a large sample of experimental data, we investigate whether attitudes toward risk varied significantly between physicians, medical and non-medical students in the monetary domain. The results show significant variation in risk attitude regardless of the estimation technique employed, suggesting constant relative risk aversion as a supported representation of risk preferences. Finally, physicians were less risk-averse than any other participant type in the sample, suggesting that medical risk attitudes differed from other participants, at least in the monetary domain. Given the difficulty in involving real physicians due to their participation barriers, employing medical and non-medical students in experiments is the second-best option. However, researchers must be careful when designing tasks because choices may differ across various contexts. Additionally, policymakers must be cautious when drawing policy implications from laboratory predictions, not taking it for granted that students’ decisions fully match physicians’ decisions.</div></div>","PeriodicalId":51637,"journal":{"name":"Journal of Behavioral and Experimental Economics","volume":"117 ","pages":"Article 102384"},"PeriodicalIF":1.6,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
扫码关注我们
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号