Decision Sciences
3 years ago

Personality traits and context shape risky decision-making behavior, study finds.

SSRN Electronic Journal
Human behavior toward risky decision making: a review of experimental studies on risk preferences
Harald Meier

Paper Summary

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The article reviews how people make risky decisions based on their personality traits and the situation they are in. It looks at different types of risk preferences and how they are measured in experiments. The researchers found that individuals make different risky decisions when they are alone, compared to when they are making decisions for others or in competitive settings. This shows that our personality and the context we are in can affect how we take risks.