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DOI: 10.5593/sgemsocial2014/B11/S1.018

DO WE ALWAYS PREFER THE DEVIL WE KNOW? SOCIAL INFLUENCE ON AMBIGUITY AVERSION

L. Kostovicova
Saturday 1 November 2014 by Libadmin2014

References: International Multidisciplinary Scientific Conference on Social Sciences and Arts SGEM2014, www.sgemsocial.org , SGEM2014 Conference Proceedings, ISBN 978-619-7105-22-3 / ISSN 2367-5659, September 1-9, 2014, Book 1, Vol. 1, 129-136 pp

ABSTRACT
People strongly prefer options with exact probabilities of outcomes to those with uncertain probabilities, expressing ambiguity aversion. Its manifestations are reflected in various domains of real-life decisions, particularly among monetary choices. Recent research suggests amplification of ambiguity avoidance under social influence, however with several methodological limitations. Therefore, we tested the effects of accountability and responsibility on aversion towards ambiguity in two between-subject experiments (N = 257). Contrary to previous evidence, we found no support for the effect of expected social consequences on frequency of ambiguity-averse choices.

Keywords: ambiguity aversion, social influence, accountability, responsibility, Bayes factor