Risky effort.

Autor: Mason A; Department of Psychology, University of Bath, UK. Electronic address: am4921@bath.ac.uk., Sun Y; School of Economics, Zhejiang University, China., Simonsen N; Department of Management, Aarhus University, Denmark., Madan CR; School of Psychology, University of Nottingham, UK., Spetch ML; Department of Psychology, University of Alberta, Canada., Ludvig EA; Department of Psychology, University of Warwick, UK.
Jazyk: angličtina
Zdroj: Cognition [Cognition] 2024 Oct; Vol. 251, pp. 105895. Date of Electronic Publication: 2024 Jul 20.
DOI: 10.1016/j.cognition.2024.105895
Abstrakt: Decision-making involves weighing up the outcome likelihood, potential rewards, and effort needed. Previous research has focused on the trade-offs between risk and reward or between effort and reward. Here we bridge this gap and examine how risk in effort levels influences choice. We focus on how two key properties of choice influence risk preferences for effort: changes in magnitude and probability. Two experiments assessed people's risk attitudes for effort, and an additional experiment provided a control condition using monetary gambles. The extent to which people valued effort was related to their pattern of risk preferences. Unlike with monetary outcomes, however, there was substantial heterogeneity in effort-based risk preferences: People who responded to effort as costly exhibited a "flipped" interaction pattern of risk preferences. The direction of the pattern depended on whether people treated effort as a loss of resources. Most, but not all, people treat effort as a loss and are more willing to take risks to avoid potentially high levels of effort.
(Copyright © 2024 The Authors. Published by Elsevier B.V. All rights reserved.)
Databáze: MEDLINE
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