Representation and Social Regret in Risk-Taking
Doruk İriş ()
No 1701, Working Papers from Research Institute for Market Economy, Sogang University
Representing others brings responsibility and fear of letting others down (social regret). We incorporate these phenomena in a theoretical model and provide a psychological perspective to explain the individual-group discontinuity in risk-taking activities. A representative makes a state-wise comparison of the consequences of her decision and an unchosen advice given by a group member. Social regret-aversion renders extreme utility differences salient and allows both risky and cautious shifts.
Keywords: Social representation; Social regret-aversion; Risk-taking; Individual-group discontinuity; Risky shift; Cautious shift. (search for similar items in EconPapers)
JEL-codes: D03 D81 A13 (search for similar items in EconPapers)
Pages: 9 pages
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Working Paper: Representation and Social Regret in Risk-Taking (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:sgo:wpaper:1701
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