The impact of (social) anchors on Prospect Theory's value function

Sebastian Krull; David D. Loschelder; Matthias Pelster

doi:10.1016/j.qref.2024.101916

The impact of (social) anchors on Prospect Theory's value function

Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet

Authors

Sebastian Krull
David D. Loschelder
Matthias Pelster

Professur für Wirtschafts-, Sozialpsychologie & Methoden

Anchoring impacts risk-taking decisions. This paper provides experimental evidence (n = 744) that (social) anchors shift the Prospect Theory's value function (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992). We observe that extreme (social) anchors lead to shifts in the value function, indicating a change in risk-taking. Anchors that are in line with risk-averse (risk-seeking) behavior lead, relative to the baseline, to more risk-averse (risk-seeking) decisions. Our findings are similar for social and non-social environments.

Originalsprache	Englisch
Aufsatznummer	101916
Zeitschrift	Quarterly Review of Economics and Finance
Jahrgang	98
Anzahl der Seiten	11
ISSN	1062-9769
DOIs	https://doi.org/10.1016/j.qref.2024.101916
Publikationsstatus	Erschienen - 12.2024

Bibliographische Notiz

Publisher Copyright:
© 2024 The Author(s)

Fachgebiete

Wirtschaftspsychologie
Betriebswirtschaftslehre

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Publikation: Beiträge in Zeitschriften › Zeitschriftenaufsätze › Forschung › begutachtet

DOI

https://doi.org/10.1016/j.qref.2024.101916
Endgültige, publizierte Fassung

The impact of (social) anchors on Prospect Theory's value function

Authors

Bibliographische Notiz

Fachgebiete

In der gleichen Zeitschrift

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