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Risk Tolerance, Self-Interest, and Social Preferences

Lucy Ackert (), Ann B. Gillette, Jorge Martinez-Vazquez () and Mark Rider ()

No 2009-04, Experimental Economics Center Working Paper Series from Experimental Economics Center, Andrew Young School of Policy Studies, Georgia State University

Abstract: We use an experimental method to investigate whether systematic relationships exist across distinct aspects of individual preferences: risk aversion in monetary outcomes, altruism in a twoperson context, and social preferences in a larger group context. Individual preferences across these three contexts are measured, and there is no possibility for risk sharing, wealth effects, or updating expectations of the population choices. We find that social preferences are related to demographic variables, including years of education, gender, and age. Perhaps most importantly, self allocation in a two-person dictator game is related to social preferences in a group context. Participants who are more generous in a dictator game are more likely to vote against their selfinterest in a group decision-making task which we interpret to be expressions of social preferences.

JEL-codes: C91 C92 D63 H21 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-cdm, nep-evo, nep-exp, nep-soc and nep-upt
Date: 2009-01, Revised 2011-02
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http://excen.gsu.edu/workingpapers/GSU_EXCEN_WP_2009-04.pdf First version, 2009 (application/pdf)
http://excen.gsu.edu/workingpapers/GSU_EXCEN_WP_2011-03.pdf Revised version, 2011 (application/pdf)

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Persistent link: https://EconPapers.repec.org/RePEc:exc:wpaper:2009-04

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