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

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Authors

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.

Original languageEnglish
Article number101916
JournalQuarterly Review of Economics and Finance
Volume98
Number of pages11
ISSN1062-9769
DOIs
Publication statusPublished - 01.12.2024

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© 2024 The Author(s)

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DOI