A social values analysis of self-other differences in decision making involving risk

Three experiments tested our social values analysis of self-other differences in decision making under risk. In Experiment 1, we showed that people make riskier decisions for others in domains where risk taking is valued but not in those where risk is not valued. Experiment 2 documented that it is considered more inappropriate to make a risk-averse decision for another person than for oneself in situations where risk is valued. Experiment 3 showed that self-other differences in decision making occur even when there are no self-other differences in prediction and for decisions made for a typical student as well as for a friend. We use these results to argue that decision making for others is based predominantly on the perceived value placed on risk, leading to a norm for how to decide for others in situations where such a social value exists.