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SUMMARY:Prosocial Motivation Increases Framing Bias in Risky Decisions for
  Others - Professor Vincent Mak (University of Cambridge)
DTSTART:20201104T160000Z
DTEND:20201104T170000Z
UID:TALK152611@talks.cam.ac.uk
CONTACT:David Young
DESCRIPTION:People regularly make risky and even life-changing decisions f
 or others under varying levels of prosocial motivation. In a series of exp
 eriments with more than 700 participants from two populations\, we show th
 at increasing prosocial motivation increases a decision-maker’s suscepti
 bility to the classic gain/loss framing bias when making risky decisions f
 or others. Conversely\, reducing prosocial motivation reduces or even elim
 inates the bias. Our experiments involved real payment and hypothetical sc
 enarios in financial and healthcare decisions. Our results show that proso
 cial motivation has an asymmetric impact in gain versus loss framing. As p
 rosocial motivation increases/decreases\, decision-makers become more/less
  risk averse in the gain frame without commensurate changes in the loss fr
 ame. Our findings suggest that risky decision-making is more inconsistent 
 for people you care for than for people you do not care for. Moreover\, lo
 ss-frame decisions are less susceptible to the influence of prosocial moti
 vation than gain-frame decisions.\n\nProfessor Mak is a Professor of Marke
 ting and Decision Sciences at the Cambridge Judge Business School.\n\nZoom
  link to follow.
LOCATION:Zoom
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