Guest editorial to a special symposium on New Media and Risky Behavior of Children and Young People: Ethics and Policy Implications.

Implications of the Level of Dogmatism and Selected Psychosocial Conditions for a Propensity for Risky Behaviour among the Soldiers of the Polish Army Land Forces The article presents the results of a study concerning a propensity for risky behaviour, conducted on regular soldiers of the Polish Army Land Forces. Its aim was to verify whether a level of dogmatism and selected psychosocial conditions were related to a propensity for risky behaviour among the soldiers. The (...) research partially confirmed the hypothesis of psychosocial determinants of a propensity for such behaviour. Young and shortserving soldiers appeared to be more inclined to undertake risky behaviour than older and long-serving ones. A tendency to avoid risky behaviour was displayed by soldiers from small towns as compared to groups of respondents from larger towns. The results of the research did not indicate a significant relationship between the propensity for risky behaviour and the level of dogmatism, education, personal corps, professional position. (shrink)

There is a growing literature which examines the ways in which individualised responsibilisation of ' risky behaviours' also entails moralisation. In UK discourses about climate change, certain individualised behaviours are designated as responsible and/or good and correspondingly as irresponsible and/or bad. In this context, the decision to engage or not engage in these types of behaviour can be seen as becoming increasingly moralised. Drawing on focus group discussions with members of the British lay public, this paper brings together (...) public production of and negotiated responses to the moral undertones of this aspect of climate change discourse with theories of risk, morality and responsibility to develop important insights for conceptualising climate change mitigation. (shrink)

There is limited knowledge of the prevalence and nature of risky sexual behavior (RSB) among young adults in Hong Kong. This cross-sectional study explored the psychosocial risk factors of RSB with a sample of 1,171 Hong Kong university students (aged 18–40 years). Grounded in the theoretical propositions of several criminological theories (i.e., the theories of self-control, general strain, social learning, social control, and routine activity), engagement in three types of RSB (i.e., general, penetrative, and non-penetrative) was studied alongside a (...) range of psychosocial risk factors. Relative to female participants, male participants reported significantly higher mean levels of general, penetrative, and non-penetrative RSB. Male participants also reported significantly higher mean levels of negative temperament, use of alcohol and other drugs, and paraphilic interests than female participants, who reported significantly higher mean levels of self-control and social bonds than their male counterparts. The results of multivariate analyses (i.e., OLS regressions) revealed that, to a large extent, the male and female participants shared a similar set of psychosocial risk factors (i.e., use of alcohol and other drugs, and paraphilic interest) for their involvement in general, penetrative, and non-penetrative RSB. Furthermore, a high level of negative temperament was significantly associated with penetrative RSB for both genders, while a high level of perceived neighborhood disorganization was found to be an important factor in the participation of females in general, penetrative, and non-penetrative RSB. The findings of this study may have important implications for practice in regard to reducing, if not entirely preventing, the tendency to engage in RSB. (shrink)

Adolescence and young adulthood are peak periods for risky sexual behaviors and borderline personality disorder features. RSB is a major public health concern and adolescents with BPD may be particularly vulnerable to RSB, but this is understudied. The aim of this study was to identify distinct RSB profiles in youth and determine whether a specific profile was associated with BPD features. Participants were 220 adolescents and young adults recruited from the community. To identify groups of adolescents and young adults (...) who engage in similar RSB, a latent profile analysis was conducted on sexually active youth. Next ANOVA was used to identify how profiles differed in terms RSB dimensions and BPD features. We identified three distinct RSB profiles: a Low RSB profile that was manifested by the majority of youth; an Unprotected Sex in Relationships profile and; an Impulsive Sex Outside Relationships profile which was manifested by youth with significantly higher BPD features. The findings shed light on the difficulties youth with BPD manifest around integrating sexuality, intimacy, fidelity, and love. This contrasts with the majority of youth who are sexually active in the context of relationships and engage in little or no RSB. The findings have important clinical implications. Adolescent sexuality is frequently in the blind spot of clinicians. To address the elevated risk of RSB in adolescents with BPD, interventions are needed to help adolescents navigate this period and improve their understanding of the reasons for RSB while addressing difficulties in establishing sexual and attachment relationships. (shrink)

Social networking sites (SNS) are of increasing importance for adolescents’ social life. As adolescents are prone to display risky health behavior in the offline world, it is likely that they use their online profiles and communications to report on unhealthy behaviors, too. This may in turn enhance the perceived attractiveness of risky behavior within the adolescent cohort. Drawing on the insights of impression management theory, we argue in this article that adolescents use a variety of impression management tactics (...) in their SNS profiles and communications. Following this assumption, our empirical analysis of 5851 Facebook posts (profile texts, comments, photographs, etc.) shows that the users tend to associate risky health behaviors with positive attributes, such as accomplishment or sociability, to present themselves in an attractive way to their online peer audience. We argue that this raises two ethical issues relevant to health promotion: Adolescents’ health may be challenged by interaction on SNS, as their engagement in online impression management blanks out any health problems or critical assessments of risky health behavior. At the same time, the semi-public nature of the communication arena re-enforces the tendency to value unhealthy behavior as more attractive than in offline social interactions. (shrink)

New genetic technologies promise to generate valuable insights into the aetiology of several psychiatric conditions, as well as a wider range of human and animal behaviours. Advances in the neurosciences and the application of new brain imaging techniques offer a way of integrating DNA analysis with studies that are looking at other biological markers of behaviour. While candidate 'genes for' certain conditions, including schizophrenia and bipolar disorders, are said to be 'un-discovered' at a faster rate than they are discovered, (...) many studies are being conducted on personality traits such as aggressiveness and anti-social traits. The clinical applicability and implications of these studies are often discussed within the scientific community. However, little attention has so far been paid to their possible policy implications in relation to criminality management and to Criminal Law itself. Similarly, the related ethical issues arising in the field of crime control, and the tensions between enhancing security for society and protecting civil liberties, are currently under-explored. This paper investigates these ethical issues by focusing on the views of those professionals – including judges, lawyers, probation officers and social workers – who work with individuals 'deemed at risk' of violent and aggressive behaviours. It also discusses and problematizes mainstream rhetoric and arguments around the notion of 'risky individuals'. (shrink)

The first few years of driving is a critical period when driving skills develop and the driving style is established. While the actual driving skills improve during the first few years of driving, a novice driver’s view of himself/herself as a safe and/or skilful driver also develops rapidly. The aim of this study was to investigate self-evaluated driver safety and perceptual-motor skills among different age groups of young drivers, along with the relationships between self-evaluated skills and driving behaviour. The (...) sample consisted of a stratified random sample of 18–25-year-old drivers from the Finnish driving licence register. The questionnaires, which included the Driver Skill Inventory, Driver Behaviour Questionnaire and background information, were completed and returned by a total of 1,058 participants. While female drivers assessed their safety skills to be higher than their perceptual-motor skills, the opposite was true for males. In both sexes, perceptual-motor skills increased, and safety skills decreased with experience. Perceptual-motor skills correlated negatively with safety skills, lapses and errors, but positively with aggressive and ordinary violations. Safety skills correlated negatively with all DBQ variables. Safety orientation seems to be most clearly reflected in deliberate aberrant driving behaviours. Sex differences were observed in the development of behaviours and skills, perceptual-motor skills only increased with age among males, while safety skills decreased through experience among both men and women. Results showed that driving experience was strongly related to both driving style and the drivers’ view of their skills, highlighting the importance of the first few years of driving. (shrink)

Men often make riskier decisions than women across a wide range of real-life behaviors. Whether this sex difference is accentuated, diminished, or stable under stressful conditions is, however, contested in the scientific literature. A critical blind spot lies amid this contestation: Most studies use standardized, laboratory-based, cognitive measures of decision making rather than complex real-life social simulation tasks to assess risk-related behavior. To address this blind spot, we investigated the effects of acute psychosocial stress on risk decision making in men (...) and women using a standardized cognitive measure and a novel task that simulated a real-life social situation. Participants were exposed to either an acute psychosocial stressor or an equivalent control condition. Stressor-exposed participants were further characterized as high- or low-cortisol responders. Results confirmed that the experimental manipulation was effective. On the IGT, participants characterized as low-cortisol responders made significantly riskier decisions than those characterized as high-cortisol responders. Similarly, in the online chatroom, participants characterized as low-cortisol responders were, relative to those in the Non-Stress group, significantly more likely to make risky decisions. Together, these results suggest that at lower levels of cortisol both men and women tend to make riskier decisions in both economic and social spheres. (shrink)

This paper posits that organizational variables are the factors that lead to the moral decline of companies like Enron and Worldcom. The individuals involved created environments within the organizations that precipitated a spiral of unethical decision-making. It is proposed that at the executive level, it is the organizational factors associated with power and decision-making that have the critical influence on moral and ethical behavior. The study has used variables that were deemed to be surrogate measures of the ethical violations (OSHA (...) and EPA violations), the risky shift phenomenon (executive team size), banality of wrong-doing (reputation score for firms) and escalating commitment (tenure with the firm/change in revenue for declining firms). The research found that there were small correlations between ethical violations and the three organizational variables. (shrink)

The risky investment game of Gneezy and Potters :631–645, 1997) has been proposed as a simple tool to measure risk aversion in applied settings, especially attractive in settings where participants may have limited education. However, this game can produce a significant endowment effect, so that analysis of the behavior in this game should not be done in the Expected Utility Theory framework. The paper illustrates this point, by showing that risk tolerance can be much higher when the initial endowment (...) concerns a risky lottery. (shrink)

Behavior change is the only available means of curtailing new HIV infections in South Africa. This study investigated the relationship between sexual risk taking and attitudes to AIDS precautions. The participants were about 25% white, about 30% colored/mixed blood and 45% black in their second year in polytechnics (413 females and 402 males). Participants responded to the 40-item HIV-related knowledge, attitudes and behaviors. Data indicated that young women showed more positive attitudes to AIDS precautions than young men (reflecting in part (...) the stereotypic negative attitudes of young men toward condoms). In general, most males and females were found to have less knowledge about HIV transmission and less favorable attitudes toward safe sex behavior than their counterparts in the west. Also young men with more partners expressed more fatalistic attitudes toward AIDS. The possibility that a finergrained multivariate analysis of attitudes to AIDS and safe-sex behaviour is something that needs to be taken seriously in future research, however. (shrink)

Are the risks of smoking exaggerated? Has there been an open and rational discussion about the risks of smoking? This book attempts to answer these and many other questions about smoking. It provides a detailed empirical presentation on smoking behavior as a risky consumer decision. Using new empirical data based on several national and regional surveys, Viscusi addresses several issues, including: the sources of information that people have about the risks of smoking, the accuracy of their perceptions of risks (...) associated with smoking, and the consistency of smoking decisions with other risky behavior--scrutinizing issues such as whether smokers value risk differently than those who wear safety belts. Viscusi also looks at the differences in age groups and how they assess these risks based on public information. He provides new insight into the degree to which individuals understand smoking risks and take these risks into account in their smoking behavior. With its detailed empirical data and its examination of individual decision-making processes, this work will interest researchers in public health, public policy analysis, psychology, and economics, as well as anyone concerned with this important issue. (shrink)

Individuals make decisions under uncertainty every day based on incomplete information concerning the potential outcome of the choice or chance levels. The choices individuals make often deviate from the rational or mathematically objective solution. Accordingly, the dynamics of human decision-making are difficult to capture using conventional, linear mathematical models. Here, we present data from a two-choice task with variable risk between sure loss and risky loss to illustrate how a simple nonlinear dynamical system can be employed to capture the (...) dynamics of human decision-making under uncertainty (i.e., multi-stability, bifurcations). We test the feasibility of this model quantitatively and demonstrate how the model can account for up to 86% of the observed choice behavior. The implications of using dynamical models for explaining the nonlinear complexities of human decision-making are discussed, as well as the degree to which nonlinear dynamical systems theory might offer an alternative framework for understanding human decision-making processes. (shrink)

How do people pursue rewards in risky environments, where some outcomes should be avoided at all costs? We investigate how participant search for spatially correlated rewards in scenarios where one must avoid sampling rewards below a given threshold. This requires not only the balancing of exploration and exploitation, but also reasoning about how to avoid potentially risky areas of the search space. Within risky versions of the spatially correlated multi‐armed bandit task, we show that participants’ behavior is (...) aligned well with a Gaussian process function learning algorithm, which chooses points based on a safe optimization routine. Moreover, using leave‐one‐block‐out cross‐validation, we find that participants adapt their sampling behavior to the riskiness of the task, although the underlying function learning mechanism remains relatively unchanged. These results show that participants can adapt their search behavior to the adversity of the environment and enrich our understanding of adaptive behavior in the face of risk and uncertainty. (shrink)

Individuals make decisions under uncertainty every day. Decisions are based on in- complete information concerning the potential outcome or the predicted likelihood with which events occur. In addition, individuals’ choices often deviate from the rational or mathematically objective solution. Accordingly, the dynamics of human decision making are difficult to capture using conventional, linear mathematical models. Here, we present data from a 2-choice task with variable risk between sure loss and risky loss to illustrate how a simple nonlinear dynamical system (...) can be employed to capture the dynamics of human decision making under uncertainty (i.e., multistability, bifurcations). We test the feasibility of this model quantitatively and demonstrate how the model can account for up to 86% of the observed choice behavior. The implications of using dynamical models for explaining the nonlin- ear complexities of human decision making are discussed as well as the degree to which the theory of nonlinear dynamical systems might offer an alternative framework for understanding human decision making processes. (shrink)

Humans regularly pursue activities characterized by dramatic success or failure outcomes where, critically, the chances of success depend on the time invested working toward it. How should people allocate time between such make‐or‐break challenges and safe alternatives, where rewards are more predictable (e.g., linear) functions of performance? We present a formal framework for studying time allocation between these two types of activities, and we explore optimal behavior in both one‐shot and dynamic versions of the problem. In the one‐shot version, we (...) illustrate striking discontinuities in the optimal time allocation policy as we gradually change the parameters of the decision‐making problem. In the dynamic version, we formulate the optimal strategy—defined by a giving‐up threshold—which adaptively dictates when people should stop pursuing the make‐or‐break goal. We then show that this strategy is computationally inaccessible for humans, and we explore boundedly rational alternatives. We compare the performance of the optimal model against (a) a myopic giving‐up threshold that is easier to compute, and even simpler heuristic strategies that either (b) only decide whether or not to start pursuing the goal and never give up or (c) consider giving up at a fixed number of control points. Comparing strategies across environments, we investigate the cost and behavioral implications of sidestepping the computational burden of full rationality. (shrink)

This study examines the R&D investment behaviour of different types of family-controlled firms with the moderating role of ownership discrepancy between cash-flow rights and excess voting rights by using the sufficiency conditions’ theoretical framework of ability and willingness developed by De Massis. It uses data from family firms that have issued A-shares from 2008 to 2018. They used pooled OLS regression for data analysis and Tobit regression for robustness checks. This study classifies family firm types into two categories, namely, (...) the lone-controller family firms (LCFFs) and the multi-controller family firms (MCFFs), with each being further classified as “excess” or “no excess” voting rights. Both LCFFs without excess voting rights and MCFFs with excess voting rights have the “ability” and “willingness” toward R&D investment. LCFFs with excess voting rights and MCFFs without excess voting rights only have the ability but low willingness to invest in R&D. The study also establishes that Chinese family-controlled firms are heterogeneous toward risky investment. To the best of our knowledge, this study is the first to differentiate Chinese family firms by their unique ownership structure characteristics in investigating the effect of the family firm structure on R&D investment. The study is a novel attempt to test the willingness and ability framework of LCFFs and MCFFs. Previous studies based on agency theory have tacitly assumed that ability and willingness exist in family-controlled firms. However, this study challenges this implicit assumption. (shrink)

Authors have empirically evidenced that cultural stereotypes influence gender-typed behavior. With the present work, we have added to this literature by demonstrating that gender roles can explain sex differences in risk-taking, a stereotypically masculine domain. Our aim was to replicate previous findings and to analyze what variables affect women making risky decisions in the social domain. A sample composed of 417 Spanish participants, between 17 and 30 years old, answered a set of self-report measures referring to femininity, fear of (...) negative evaluation, and social risk-taking. According to the main results, sex indirectly linked to risk-taking in the social domain, through femininity and fear of negative evaluation. Specifically, women self-reported higher feminine traits, which were associated with increased fear of negative evaluation, which in turn was associated with less risky decisions in the social domain. Thus, we have showed the relationship between gender roles and women’s behaviors in a stereotypically masculine domain. Our findings highlight the necessity of considering a gender-based perspective in the field of risk-taking, showing that not all women make more risky decisions in the social domain. (shrink)

This article is concerned with how we make decisions based on how problems are presented to us and the effect that the framing of the problem might have on our choices. Current philosophical and psychological accounts of the framing effect in experiments such as the Asian Disease Problem concern reference points and domains. We question the importance of reference points and domains. Instead, we adopt a linguistic perspective focussing on the role of the evaluative polarity evoked by the words - (...) negativeand positive - used to describe the options in the decision problem. We show that the evaluative polarity of the different wordings in the ADP better explain participants’ behaviour than reference points and domains. We propose two models in which the values given to evaluative polarity words directly influence the strength of framing. The results indicate that linguistic considerations regarding evaluative polarity have to be considered in relation to the ADP. The account resembles Fuzzy-Trace-Theory but allows for thestrength of evaluative polarity to directly affect behaviour. In the discussion, we also assess how evaluative polarity relates to negation, antonyms and the communicative frame within which the choices are presented. (shrink)

Illegally downloading music through peer-topeer networks has persisted in spite of legal action to deter the behavior. This study examines the individual characteristics of downloaders which could explain why they are not dissuaded by messages that downloading is illegal. We compared downloaders to non-downloaders and examined whether downloaders were characterized by less ethical concern, engagement in illegal behavior, and a propensity toward stealing a CD from a music store under varying levels of risk. We also examined whether downloading or individual (...) characteristics of downloaders were similar for men and women. Findings revealed downloading was prevalent (74.5% of the student sample downloaded), men and women were equally likely to download and the factors characterizing downloading were similar for men and women. The comparison between downloaders and nondownloaders revealed downloaders were less concerned with the law, demonstrated by less ethical concern and engagement in other illegal behaviors. Downloaders were also more likely to indicate that they would steal a CD when there was no risk of being caught. Given these results, messages regarding illegality are unlikely to perturb downloaders and alternative recommendations are offered for targeting illegal downloading. (shrink)

Although risky decision-making has been posited to contribute to the maladaptive behavior of individuals with psychopathic tendencies, the performance of psychopathic groups on a common task of risky decision-making, the Iowa Gambling Task (IGT; Bechara, Damasio, Damasio, & Anderson, 1994), has been equivocal. Different aspects of psychopathy (personality traits, antisocial deviance) and/or moderating variables may help to explain these inconsistent findings. In a sample of college students (N = 129, age 18–27), we examined the relationship between primary and (...) secondary psychopathic features and IGT performance. A measure of impulsivity was included to investigate its potential as a moderator. In a joint model including main effects and interactions between primary psychopathy, secondary psychopathy and impulsivity, only secondary psychopathy was significantly related to risky IGT performance, and this effect was not moderated by the other variables. This finding supports the growing literature suggesting that secondary psychopathy is a better predictor of decision-making problems than the primary psychopathic personality traits of lack of empathy and remorselessness. (shrink)

For a long time, the dominant approach to studying decision making under risk has been to use psychoeconomic functions to account for how behavior deviates from the normative prescriptions of expected value maximization. While this neo-Bernoullian tradition has advanced the field in various ways—such as identifying seminal phenomena of risky choice —it contains a major shortcoming: Psychoeconomic curves are mute with regard to the cognitive mechanisms underlying risky choice. This neglect of the mechanisms both limits the explanatory value (...) of neo-Bernoullian models and fails to provide guidance for designing effective interventions to improve decision making. Here we showcase a recent “attentional turn” in research on risk choice that elaborates how deviations from normative prescriptions can result from imbalances in attention allocation and that thus promises to overcome the challenges of the neo-Bernoullian tradition. We argue that a comprehensive understanding of preference formation in risky choice must provide an account on a mechanistic level, and we delineate directions in which existing theories that rely on attentional processes may be extended to achieve this objective. (shrink)

In two experiments, participants had to choose between a sure and a risky option. The sure option was presented either in a gain or a loss frame. Need was defined as a minimum score the participants had to reach. Moreover, choices were made under two different time constraints and with three different levels of induced need to be reached within a fixed number of trials. The two experiments differed with respect to the specific amounts to win and the need (...) levels. The $$2 \times 2 \times 3$$2×2×3 design was a within-subject design. Data were evaluated on an overall and on a group level, the latter based on participants’ stated risk preference and on revealed preferences using cluster analysis across subjects. Overall, the results showed riskier behavior when the choice options were presented as losses as compared to gains and when the induced need was highest. Time limits enhanced the framing effect. (shrink)

Experimental results on the Ellsberg paradox typically reveal behavior that is commonly interpreted as ambiguity aversion. The experiments reported in the current paper find the objective probabilities for drawing a red ball that make subjects indifferent between various risky and uncertain Ellsberg bets. They allow us to examine the predictive power of alternative principles of choice under uncertainty, including the objective maximin and Hurwicz criteria, the sure-thing principle, and the principle of insufficient reason. Contrary to our expectations, the principle (...) of insufficient reason performed substantially better than rival theories in our experiment, with ambiguity aversion appearing only as a secondary phenomenon. (shrink)

Risky decision-making is highly influenced by emotions and can lead to fatal consequences. Attempts to reduce risk-taking include the use of mindfulness-based interventions, which have shown promising results for both emotion regulation and risk-taking. However, it is still unclear whether improved emotion regulation is the mechanism responsible for reduced risk-taking. In the present study, we explore the effect of a 5-week MBI on risky driving in a group of repeat traffic offenders by comparing them with non-repeat offenders and (...) repeat offenders without training. We evaluated the driving behavior of the participants through a driving simulation, and self-reported emotion regulation, both before and after the intervention. At baseline, poor emotion regulation was related to a more unstable driving behavior, and speeding. The group that received mindfulness training showed improved performance during risky driving situations and had fewer accidents, although their overall driving behavior remained largely unchanged. The observed trend toward improved emotion regulation was not significant. We discuss whether other effects of MBI – such as self-regulation of attention – could underlie the observed reduction in risky driving in the initial stages. Nonetheless, our findings still confirm the close relationship between emotion regulation skills and risky driving. (shrink)

Recent developmental models assume a higher tendency to take risks in mid-adolescence, while the empirical evidence for this assumption is rather mixed. Most of the studies applied quite different tasks to measure risk-taking behavior and used a narrow age range. The main goal of the present study was to examine risk-taking behavior in four task settings, the Treasure Hunting Task (THT) in a gain and a loss domain, the Balloon Analogue Risk Task (BART) and the STOPLIGHT task. These task settings (...) differ in affective task moderators, like descriptive vs. experienced outcomes, anticipation of gains vs. losses, static vs. dynamic risk presentation and time pressure vs. no-time pressure and were applied in a sample of 187 participants from age 9 to 18. Beneath age trends, we were interested in their association with individual differences in approach behavior, venturesomeness, impulsivity and empathy above age, gender and fluid intelligence. Our findings revealed that risk-taking behavior is only low to moderately correlated between the four task contexts, suggesting that they capture different aspects of risk-taking behavior. Accordingly, a mid-adolescent peak in risk-propensity was only found under time pressure in the STOPLIGHT that was associated with higher impulsivity and empathy. In contrast, risky decisions decreased with increasing age in task settings, in which losses were anticipated (THT Loss), and this was associated with higher cognitive abilities. We found no age differences when gains were anticipated, neither in a static (THT Gain) nor in a dynamic task setting (BART). These findings clearly suggest the need to consider affective task moderators, as well as individual differences in temperament and cognitive abilities, in actual models about adolescent development. (shrink)

Experiments on intertemporal consumption typically show that people have difficulties in optimally solving such problems. Previous studies have focused on contexts in which agents are faced with risky future incomes and have to plan over long horizons. We present an experiment comparing decision making under certainty, risk, and ambiguity, over a shorter lifecycle. Results show that behavior in the ambiguity treatment is markedly different than in the risk condition and it is characterized by a significant pattern of under-consumption.

Traditionally economists have based their economic predictions on the assumption that humans are super-rational creatures, using the information we are given efficiently and generally making selfish decisions that work well for us as individuals. Economists also assume that we're doing the very best we can possibly do - not only for today, but over our whole lifetimes too. But increasingly the study of behavioural economics is revealing that our lives are not that simple. Instead, our decisions are complicated by our (...) own psychology. Each of us makes mistakes every day. We don't always know what's best for us and, even if we do, we might not have the self-control to deliver on our best intentions. We struggle to stay on diets, to get enough exercise and to manage our money. We misjudge risky situations. We are prone to herding: sometimes peer pressure leads us blindly to copy others around us; other times copying others helps us to learn quickly about new, unfamiliar situations. This Very Short Introduction explores the reasons why we make irrational decisions; how we decide quickly; why we make mistakes in risky situations; our tendency to procrastination; and how we are affected by social influences, personality, mood and emotions. The implications of understanding the rationale for our own financial behaviour are huge. Behavioural economics could help policy-makers to understand the people behind their policies, enabling them to design more effective policies, while at the same time we could find ourselves assaulted by increasingly savvy marketing. Michelle Baddeley concludes by looking forward, to see what the future of behavioural economics holds for us.ABOUT THE SERIES: The Very Short Introductions series from Oxford University Press contains hundreds of titles in almost every subject area. These pocket-sized books are the perfect way to get ahead in a new subject quickly. Our expert authors combine facts, analysis, perspective, new ideas, and enthusiasm to make interesting and challenging topics highly readable. (shrink)

We investigate whether risky choice framing, i.e., the preference of a sure over an equivalent risky option when choosing among gains, and the reverse when choosing among losses, depends on redundancy and density of information available in a task. Redundancy, the saliency of missing information, and density, the description of options in one or multiple chunks, was manipulated in a matrix setup presented in MouselabWeb. On the choice level we found a framing effect only in setups with non-redundant (...) information. On the process level outcomes attracted more acquisitions than probabilities, irrespective of redundancy. A dissociation between acquisition behavior and choice calls for a critical discussion of the limits of process-tracing measures for understanding and predicting choices in decision making tasks. (shrink)

Investigation of neural and cognitive processes underlying individual variation in moral preferences is underway, with notable similarities emerging between moral- and risk-based decision-making. Here we specifically assessed moral distributive justice preferences and non-moral financial gambling preferences in the same individuals, and report an association between these seemingly disparate forms of decision-making. Moreover, we find this association between distributive justice and risky decision-making exists primarily when the latter is assessed with the Iowa Gambling Task. These findings are consistent with neuroimaging (...) studies of brain function during moral and risky decision-making. This research also constitutes the first replication of a novel experimental measure of distributive justice decision-making, for which individual variation in performance was found. Further examination of decision-making processes across different contexts may lead to an improved understanding of the factors affecting moral behaviour. (shrink)

The articles by Brooks-Gum, Fisher, Hoagwood, Liss, and Scott-Jones (all this issue) present a panoply of real-world ethical issues in conducting scientific research on risky behaviors of children, adolescents, and their parents, particularly those from vulnerable populations. The universal, ethical principles of beneficence, justice, and respect for others are always applicable, but they do not resolve issues of child assent, parental consent, legal reporting requirements for illegal behaviors, and the special problems of studying risky behaviors in risky (...) populations. Taken as a group, the articles raise some of the most interesting ethical problems that arise in developmental research. My discussion elaborates some issues and fails to resolve others. I hold the view that both science and ethics can be served by thoughtfully designed and implemented research on important social issues, but that the studies themselves cannot simultaneously solve the many societal problems of participants and be scientifically credible. (shrink)

This article reports results of an experiment designed to analyze the link between risky decisions made by couples and risky decisions made separately by each spouse. We estimate both the spouses and the couples’ degrees of risk aversion, we assess how the risk preferences of the two spouses aggregate when they make risky decisions, and we shed light on the dynamics of the decision process that takes place when couples make risky decisions. We find that, far (...) from being fixed, the balance of power within the household is malleable. In most couples, men have, initially, more decision-making power than women but women who ultimately implement the joint decisions gain more and more power over the course of decision making. (shrink)