Journal article
Risk preferences in young children: early evidence of individual differences in reaction to potential gains and losses
Journal of behavioral decision making, Vol.16(5), pp.397-413
12/2003
DOI: 10.1002/bdm.453
Abstract
New methods were developed for studying risky decision making in children as young as age five. Each child was given a block of ‘gain’ trials, for example, a choice between a sure gain of one prize and a 50:50 chance of gaining either two prizes or no prize, and a block of ‘loss’ trials, for example, a choice between a sure loss of one prize and a 50:50 chance of losing either two prizes or no prize. We were thus able to compare risky choice for gains and losses at the level of the individual child. In each of two experiments a variety of individual difference variables were measured, including in Experiment 2, the child's parent's scores on the same task. Across experiments, the preponderance of choices was of the risky option. However, most children and adults made more risky choices in the domain of losses than in the domain of gains. Predictors of individual differences in children included shyness, impulsivity, and the risk taking of the child's parent. We suggest that methods are now in place to encourage further studies of decision processes in young children.
Details
- Title: Subtitle
- Risk preferences in young children: early evidence of individual differences in reaction to potential gains and losses
- Creators
- Irwin P. Levin - University of IowaStephanie S. Hart - University of Iowa
- Resource Type
- Journal article
- Publication Details
- Journal of behavioral decision making, Vol.16(5), pp.397-413
- DOI
- 10.1002/bdm.453
- ISSN
- 0894-3257
- eISSN
- 1099-0771
- Publisher
- John Wiley & Sons, Ltd
- Number of pages
- 17
- Language
- English
- Date published
- 12/2003
- Academic Unit
- Marketing; Psychological and Brain Sciences
- Record Identifier
- 9984963110102771
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