Feedback-induced attitudinal changes in risk preferences

Antonios Nasioulas, Elise Potier, Fabien Cerrotti (), Maël Lebreton () and Stefano Palminteri
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Antonios Nasioulas: ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris
Elise Potier: Direction interministérielle de la transformation publique
Fabien Cerrotti: ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, Laboratoire de Neurosciences Cognitives et Computationnelles
Maël Lebreton: PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - ENPC - École nationale des ponts et chaussées - IP Paris - Institut Polytechnique de Paris, UNIGE - Université de Genève = University of Geneva
Stefano Palminteri: Ecole Normale Supérieure - UMNG - Université Marien-Ngouabi [Université de Brazzaville] = Marien Ngouabi University [University of Brazzaville], Laboratoire de Neurosciences Cognitives et Computationnelles

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Abstract: Decision-making under risk is often studied with fully described lotteries, where normative theory predicts that post-choice outcome disclosure (feedback) should not influence preferences. However, previous empirical work has generally shown that feedback does affect risk-taking, yet, without reaching a consensus on the consequences of feedback or the underlying cognitive mechanisms. Here, across seven behavioral experiments, we disentangle two competing accounts: the learning hypothesis, where feedback alters subjective values through experience, and the attitudinal hypothesis, where feedback changes preferences in anticipation of outcomes. We find that feedback does not improve maximization but consistently increases risk-taking. Fine-grained temporal analyses reveal that this effect emerges before any outcomes are experienced, ruling out learning as the primary driver. Moreover, the increase of risk-taking in partial feedback seems to be driven by curiosity, while in complete feedback by anticipated regret. Our results indicate that feedback can bias decision-making primarily through attitudinal rather than learning mechanisms.

Date: 2026-01
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Published in Nature Communications, 2026, 17 (1), ⟨10.1038/s41467-025-67729-x⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-05666961

DOI: 10.1038/s41467-025-67729-x

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