Learning From Observing Others.

Abstract

Risky behaviors and decision making are often experienced in social and group contexts. Understanding how social influence impacts risk preferences is needed to predict how decisions will be made differently in private versus social situations. In this pre-registered study, participants completed three blocks of monetary risky choices in a laboratory setting. In the pre- and postexposure blocks, participants made their choices without receiving any social information. During the intervening exposure block, participants were randomly assigned to observe the choices of either a risk-seeking or risk-avoidant other. Social influence was observed on the choice preferences of individuals, with participants in the risk-seeking condition making significantly riskier decisions during the postexposure block than participants in the risk-avoidant condition. Post hoc analyses revealed that this difference was driven by participants in the risk-seeking other condition significantly increasing their preferences for risky rewards from pre- to postexposure. Exposure to risk-avoidant social information did not significantly reduce preferences for risky rewards. Behavioral social influence was not related to a general social comparison orientation, but those who expressed higher decisional conflict during the pre-exposure block were more likely to adjust their choice preferences following the social exposure. Theoretical and practical implications of these results are discussed.