In this study, we assessed the influence of trait anger on decisions in risky situations evaluating how it might interact with some contextual factors. One hundred and fifty-eight participants completed the Trait Anger scale of STAXI-2 and an inventory consisting of a battery of hypothetical everyday decision-making scenarios, representative of three specific domains: financial, social and health. Participants were also asked to evaluate familiarity and salience for each scenario. This study provides evidence for a relationship between individual differences (...) in the tendency to feel anger and risky decisions in different domains and for mediation effects of familiarity and salience perception. The evaluation of the mechanisms with which dispositional anger is linked to risky decision-making could further contribute to an understanding of the role of personality traits in decision-making processes. (shrink)

This paper examines women’s experiences with decision-making about non-invasive prenatal testing (NIPT). Such tests offer knowledge about chromosomal disorders early in pregnancy, without the risk of miscarriage associated with invasive procedures such as amniocentesis. Based on qualitative interviews with women in Germany who used, or declined, NIPT, we show how some women, who would not consider amniocentesis due to the risk of miscarriage, welcome the knowledge provided by, and the additional agency resulting from, NIPT. For others, (...) declining the offer to “know more” becomes increasingly difficult to articulate. The absence of risk strips women of a “good reason” to justify their decision not to test, thus implicitly challenging their “right not to know.” Moreover, NIPT heightens moral dilemmas within relationships with partners, existing children, and sometimes other close relatives. While clinically “non-invasive,” we argue that NIPT changes decision-making in an ethically and socially highly significant way. (shrink)

The aim of the paper is to propose a preferences representation model under risk where risk perception can be past experience dependent. A first step consists in considering a one period decision problem where individual preferences are no more defined only on decisions but on pairs (decision, past experience). The obtained criterion is used in the construction of a dynamic choice model under risk. The paper ends with an illustrative example concerning insurance demand. It appears (...) that our model allows to explain modifications in the insurance demand behavior over time observed on the insurance markets for catastrophic risk and difficult to justify with standard models. (shrink)

Decision Making Competence (DMC) reflects individual differences in rational responding across several classic behavioral decision-making tasks. Although it has been associated with real-world risk behavior, less is known about the degree to which DMC contributes to specific components of risk attitudes. Utilizing a psychological risk-return framework, we examined the associations between risk attitudes and DMC. Italian community residents (n = 804) completed an online DMC measure, using a subset of the original Adult-DMC (...) battery (A-DMC; Bruine de Bruin, Parker, & Fischhoff, 2007). Participants also completed a self-reported risk attitude measure for three components of risk attitudes (risk-taking, risk perceptions, and expected benefits) across six risk domains. Overall, greater performance on the DMC component scales were inversely, albeit modestly, associated with risk-taking tendencies. Structural equation modeling results revealed that DMC was associated with lower perceived expected benefits for all domains. In contrast, its association with perceived risks was more domain-specific. These analyses also revealed stronger indirect effects for the DMC  expected benefits  risk-taking than the DMC  perceived risk  risk-taking path, especially for risk behaviors that may be considered more antisocial in nature. These results suggest that DMC performance differentially impacts specific components of risk attitudes, and may be more strongly related to the evaluation of expected value of the given behavior. (shrink)

The medical decision-making process is currently in flux. Decisions are no longer made entirely at the physician's discretion: patients are becoming more and more involved in the process. There is a great deal of discussion about the ideal of ‘informed consent’, that is that diagnostic and therapeutic decisions should be made based on an interaction between physician and patient. This means that patients are informed about the advantages and disadvantages of a treatment as well as alternatives to the (...) treatment; then, based on this information they can decide whether or not they want to undergo the treatment. However, recent studies show that the realisation of the ideal of ‘shared decision-making’ faces a number of difficulties related to the fact that patients are not provided with complete and accurate information. Using the example of breast cancer screening, this article examines the question of whether, in light of these difficulties, the ideal of informed decision-making is only an illusion or whether concrete steps can be taken towards the realisation of this ideal. (shrink)

Background Ethical decision making in intensive care is a demanding task. The need to proceed to ethical decision is considered to be a stress factor that may lead to burnout. The aim of this study is to explore the ethical problems that may increase burnout levels among physicians and nurses working in Portuguese intensive care units . A quantitative, multicentre, correlational study was conducted among 300 professionals.Results The most crucial ethical decisions made by professionals working in ICU (...) were related to communication, withholding or withdrawing treatments and terminal sedation. A positive relation was found between ethical decision making and burnout in nurses, namely, between burnout and the need to withdraw treatments , to withhold treatments and to proceed to terminal sedation . This did not apply to physicians. Emotional exhaustion was the burnout subdimension most affected by the ethical decision. The nurses' lack of involvement in ethical decision making was identified as a risk factor. Nevertheless, in comparison with nurses , it was the physicians who more keenly felt the need to proceed to ethical decisions in ICU.Conclusions Ethical problems were reported at different levels by physicians and nurses. The type of ethical decisions made by nurses working in Portuguese ICUs had an impact on burnout levels. This did not apply to physicians. This study highlights the need for education in the field of ethics in ICUs and the need to foster inter-disciplinary discussion so as to encourage ethical team deliberation in order to prevent burnout. (shrink)

Decision-making competence reflects individual differences in the susceptibility to decision-making errors, measured using tasks common from behavioral decision research (e.g., framing effects, under/overconfidence, following decision rules). Prior research demonstrates that those with higher decision-making competence report lower incidence of health-risking and antisocial behaviors, but there has been less focus on intermediate mechanisms that may impact real-world decisions, and, in particular, those implicated by normative models. Here we test the associations between measures of (...) youth decision-making competence (Y-DMC) and one such mechanism, the degree to which individuals make choices consistent with maximizing expected value (EV). Using a task involving hypothetical gambles, we find that greater EV sensitivity is associated with greater Y-DMC. Higher Y-DMC scores are associated with (a) choosing risky options when expected value favors those options and (b) avoiding risky options when expected value favors a certain option. This relationship is stronger for gambles that involved potential losses. The results suggest that Y-DMC captures decision processes consistent with standard normative evaluations of risky decisions. (shrink)

The aim of this study is to examine the factors influencing ethical business decision-making on environmental issues, among employees of SMEs. To do so, a survey study was performed with 394 top managers of SMEs in the UAE using a questionnaire, and the data was statistically evaluated using SmartPLS 3.0. The results suggest that prior technology use has significant positive relationships with ethical decision-making and the level of risk acceptance. Furthermore, perceived competitive pressure has significant (...) positive relationships with ethical decision-making and confidence level. In comparison, the level of risk acceptance and confidence level have significant positive relationships with ethical decision-making. Results also demonstrate that the level of risk acceptance mediates the relationship between prior technology use and ethical decision-making. There is also a significant and positive association between perceived competitive pressure and ethical decision-making with a mediating impact of the confidence level. (shrink)

Should the assessment of decision‐making capacity (DMC) be risk sensitive, that is, should the threshold for DMC vary with risk? The debate over this question is now nearly five decades old. To many, the idea that DMC assessments should be risk sensitive is intuitive and commonsense. To others, the idea is paternalistic or incoherent, or both; they argue that the riskiness of a given decision should increase the epistemic scrutiny in the evaluation of DMC, (...) not increase the threshold for DMC. We respond to the critics’ main concerns by providing a comprehensive account of how risk‐sensitive DMC is coherent, avoids paternalism, and best fulfills the epistemic goal of DMC evaluations. (shrink)

Andreas Christiansen,Bjørn Hallsson | : In many cases, the public want to restrict an activity or technology that they believe to be dangerous, but that scientific experts believe to be safe. There is thus a tension between respecting the preferences of the people and making policy based on our best scientific knowledge. Deciding how to make policy in the light of this tension requires an understanding of why citizens sometimes disagree with the experts on what is risky and what (...) is safe. In this paper, we examine two highly influential theories of how people form beliefs about risks: the theory that risk beliefs are errors caused by bounded rationality and the theory that such beliefs are part and parcel of people’s core value systems. We then discuss the implications of the psychological theories for questions regarding liberal-democratic decision making: Should policy be responsive to the preferences of citizens in the domain of risk regulation? What risk-regulation policies are legitimate? How should liberal-democratic deliberation be structured? | : Dans de nombreux cas, le public veut restreindre une activité ou une technologie qu’il croit être dangereuse, mais que les experts scientifiques considèrent être sécuritaire. Il y a alors une tension entre le respect des préférences des gens et des politiques fondées sur nos meilleures connaissances scientifiques. Décider comment élaborer une politique à la lumière de cette tension nécessite de comprendre pourquoi les citoyens sont parfois en désaccord avec les experts à propos de ce qui est risqué et ce qui est sûr. Dans cet article, nous examinons deux théories très influentes sur la façon dont les gens forment des croyances sur les risques : la théorie selon laquelle les croyances liées au risque sont des erreurs causées par la rationalité limitée et la théorie selon laquelle ces croyances font partie intégrante des systèmes de valeurs fonda-mentales des personnes. Nous discutons ensuite les implications des théories psychologiques pour les questions touchant la prise de décision libérale-démocratique : Les politiques devraient-elles être sensibles aux préférences des citoyens dans le domaine de la régulation des risques? Quelles politiques de régulation des risques sont légitimes? Comment la délibération libérale-démocratique devrait-elle être structurée? (shrink)

Andreas Christiansen,Bjørn Hallsson | : In many cases, the public want to restrict an activity or technology that they believe to be dangerous, but that scientific experts believe to be safe. There is thus a tension between respecting the preferences of the people and making policy based on our best scientific knowledge. Deciding how to make policy in the light of this tension requires an understanding of why citizens sometimes disagree with the experts on what is risky and what (...) is safe. In this paper, we examine two highly influential theories of how people form beliefs about risks: the theory that risk beliefs are errors caused by bounded rationality and the theory that such beliefs are part and parcel of people’s core value systems. We then discuss the implications of the psychological theories for questions regarding liberal-democratic decision making: Should policy be responsive to the preferences of citizens in the domain of risk regulation? What risk-regulation policies are legitimate? How should liberal-democratic deliberation be structured? | : Dans de nombreux cas, le public veut restreindre une activité ou une technologie qu’il croit être dangereuse, mais que les experts scientifiques considèrent être sécuritaire. Il y a alors une tension entre le respect des préférences des gens et des politiques fondées sur nos meilleures connaissances scientifiques. Décider comment élaborer une politique à la lumière de cette tension nécessite de comprendre pourquoi les citoyens sont parfois en désaccord avec les experts à propos de ce qui est risqué et ce qui est sûr. Dans cet article, nous examinons deux théories très influentes sur la façon dont les gens forment des croyances sur les risques : la théorie selon laquelle les croyances liées au risque sont des erreurs causées par la rationalité limitée et la théorie selon laquelle ces croyances font partie intégrante des systèmes de valeurs fonda-mentales des personnes. Nous discutons ensuite les implications des théories psychologiques pour les questions touchant la prise de décision libérale-démocratique : Les politiques devraient-elles être sensibles aux préférences des citoyens dans le domaine de la régulation des risques? Quelles politiques de régulation des risques sont légitimes? Comment la délibération libérale-démocratique devrait-elle être structurée? (shrink)

This article presents the findings of qualitative research which explored, from the mothers’ perspective, the process of decision-making about mode of delivery for a subsequent birth after a previous Caesarean Section. In contradiction to the clinical literature, the majority of mothers in this study were strongly of the opinion that a vaginal birth after caesarean (VBAC) posed a higher risk than an elective caesarean (EC). From the mothers’ perspective, risk discussions were primarily valuable for gaining support (...) for their pre-determined choice, rather than obtaining information. The findings posit ethical concerns with regards to informed consent and professional obstetric practice at a time when there is a documented and worrying trend towards an increase in births by caesarean section (CS). (shrink)

Abstract:Shareholders’ relationship to the firm is a central theme in corporate governance, yet the investors’ perspective has been virtually ignored in governance research. This paper attempts to explain the previously unexplored role of trust in the investor decision-making process. The proposed model suggests that trust acts as the antecedent of the risk variable in existing investor decision-making models. Stock ownership involves both financial and ethical risk, which by definition requires some level of implicit trust (...) in management and the market. (shrink)

As technology advances, and the life and death consequences of its failure become more and more removed from proximate human action, technology management requires greater degrees of ethical awareness and the management of safety becomes a matter of corporate ethical imperative. The corporate ethical imperative includes ethical mandates to take no action which places the lives of others at risk and to inform persons of dangers to their physical safety of which they may otherwise be unaware when one possesses (...) information relevant to the safety of others such that, with the possession of that knowledge, the others can make decisions relevant to protecting their safety, or if others fail to take such action, to take upon oneself the responsibility of taking such action. The ethical duty of primum non nocere implies the corresponding right of the life risking participant to be informed of the kind and degree of risk to which they are to be exposed and the freedom to refuse to take such risk without prejudice. The corporate ethical imperative is to hold human life precious and to uphold that imperative through selectively non-acting, properly informing and acting. The case of the Challenger disaster is utilised as an illustration of decision making which violated these ethical precepts. (shrink)

Motivated by the analysis of a general optimal portfolio selection problem, which encompasses as special cases an optimal consumption and an optimal debt-arrangement problem, we are concerned with the questions of how a personality trait like risk-perception can be formalized and whether the two objectives of utility-maximization and risk-minimization can be both achieved simultaneously. We address these questions by developing an axiomatic foundation of preferences for which utility-maximization is equivalent to minimizing a utility-based shortfall risk measure. Our (...) axiomatization hinges on a novel axiom in decision theory, namely the risk-perception axiom. (shrink)

Incommensurability is the impossibility to determine how two options relate to each other in terms of conventional comparative relations. This book features new research on incommensurability from philosophers who have shaped the field into what it is today, including John Broome, Ruth Chang and Wlodek Rabinowicz. The book covers four aspects relating to incommensurability. In the first part, the contributors synthesize research on the competing views of how to best explain incommensurability. Part II illustrates how incommensurability can help us deal (...) with seemingly insurmountable problems in ethical theory and population ethics. The contributors address the Repugnant Conclusion, the Mere Addition Paradox and so-called Spectrum Arguments. The chapters in Part III outline and summarize problems caused by incommensurability for decision theory. Finally, Part IV tackles topics related to risk, uncertainty and incommensurability. Value Incommensurability: Ethics, Risk, and Decision-Making will be of interest to researchers and advanced students working in ethical theory, decision theory, action theory, and philosophy of economics. (shrink)

Abstract:Shareholders’ relationship to the firm is a central theme in corporate governance, yet the investors’ perspective has been virtually ignored in governance research. This paper attempts to explain the previously unexplored role of trust in the investor decision-making process. The proposed model suggests that trust acts as the antecedent of the risk variable in existing investor decision-making models. Stock ownership involves both financial and ethical risk, which by definition requires some level of implicit trust (...) in management and the market. (shrink)

We evaluate the consistency of different constructs affecting risk attitude in individuals’ decisions across different levels of risk. Specifically, we contrast views suggesting that risk attitude is a single primitive construct with those suggesting it consists of multiple latent components. Additionally, we evaluate such constructs as sensitivity to losses, diminishing sensitivity to increases in payoff, sensitivity to variance, and risk acceptance (the willingness to accept probable outcomes over certainty). In search of trait-like constructs, the paper reviews (...) experimental results focusing on the consistency of these constructs in different tasks as well as their temporal consistency. Overall, the findings show that the most consistent factor is risk acceptance, and they also demonstrate its potential boundaries. These results are modeled with a simple quantitative index of subjective risk. A survey of decisions under risk further reveals that participants exhibit almost no consistency across different tasks in this setting, highlighting the advantage of experiential tasks for studying individual differences. (shrink)

This paper focuses on the comparison of individual and group decision-making, in a stochastic inter-temporal problem in two decision environments, namely risk and ambiguity. Using a consumption/saving laboratory experiment, we investigate behaviour in four treatments: individual choice under risk; group choice under risk; individual choice under ambiguity and group choice under ambiguity. Comparing decisions within and between decision environments, we find an anti-symmetric pattern. While individuals are choosing on average closer to the theoretical (...) optimal predictions, compared to groups in the risk treatments, groups tend to deviate less under ambiguity. Within decision environments, individuals deviate more when they choose under ambiguity, while groups are better planners under ambiguity rather than under risk. Our results extend the often observed pattern of individuals behaving more optimally under risk, to its dynamic dimension. (shrink)

In the present contribution I attempt to refute a recent challenge raised by Michael Otsuka against prioritarianism, according to which the priority view is objectionable since it rejects the moral permissibility of choosing in accordance with rational self-interest – understood as maximization of expected utility – in one-person cases involving other-regarding decision-making under risk. I claim that Otsuka’s argument is bound to make an illegitimate move, which is either to assume implausibly that individuals are generally risk-neutral (...) or to assume implausibly that the decision-maker in his cases can have accurate information on the attitudes towards risk held by the individual on behalf of whom the decision is taken. I argue, pace Otsuka, that acting in accordance with rational self-interest in cases characterized by these types of epistemic constraints requires that we adopt a view on other-regarding decision-making that takes into account general empirical facts about human nature and that prioritarianism does not conflict with this latter view. (shrink)

This paper addresses the topic of risk-free decision-making, a term which refers to the fact that people are acting as if their decisions are risk-free. Various social theories are discussed as possible explanations for the growth of this behavior and specific examples are given. Much of the information was drawn from personal experience, current sociological and psychological literature and news events.

Economic activities are always supposed to carry with them the risk of market. Our area of research is concerned with what is known as the model of risk decisions at the level of economic activity; a model that can be valuable at any point of economic development. In our research, we present important aspects of risk in taking decisions in the previous and current dynamics of the market. The conditions of taking decisions with potential risks provide (...) class='Hi'>decision-makers with the possibility to analyze and calculate risk in order to know what can be gained and lost. In our paper, we present a short description of a different model of risk in economic activity and of decision-making risk, providing examples that have been offered by various authors. For example, Friedman and Savage present the utility function of an economic agent and its availability to accept the risk, while Markowitz defines utility in terms of winning or losing. Our paper starts with a presentation of the quantification of risk in economic activity. In the second part, we present a model of decision-making risk that is applied in economic activities and the difference between risk and uncertainty. (shrink)

PREVIOUS WORK Theoretical discussion of the interval measurement of utility based upon theories of decision making under conditions of risk has been voluminous and will not be reviewed here. Those interested will find extensive ...

With the growing focus on prevention in medicine, studies of how to describe risk have become increasing important. Recently, some researchers have argued against giving patients “comparative risk information,” such as data about whether their baseline risk of developing a particular disease is above or below average. The concern is that giving patients this information will interfere with their consideration of more relevant data, such as the specific chance of getting the disease (the “personal risk”), the (...) risk reduction the treatment provides, and any possible side effects. I explore this view and the theories of rationality that ground it, and I argue instead that comparative risk information can play a positive role in decision-making. The criticism of disclosing this sort of information to patients, I conclude, rests on a mistakenly narrow account of the goals of prevention and the nature of rational choice in medicine. (shrink)

Emotions influence human decisions under risk and uncertainty, even when they are unrelated to the decisions, i.e. incidental to them. Empirical findings are mixed regarding the directions and sizes of the effects of discrete emotions such as fear, anger, or happiness. According to the Appraisal-Tendency Framework (ATF), appraisals of certainty and control determine why same-valence emotions can differentially alter preferences for risky and uncertain options. Building upon this framework of emotion-specific appraisals, we conducted a systematic review and meta-analysis of (...) 28 experimental studies on the effects of discrete incidental emotions on decision-making under risk and uncertainty. We evaluated potential moderators at the task and study levels. We find emotion-specific, moderately heterogeneous effects partially in line with the expectations of the ATF. The framing and financial consequences of choices, the type of choices, and the presence of other participants during the task do not moderate the effect. Our meta-analytic results support the differential influence of discrete, incidental emotions on decision-making under risk and uncertainty depending on appraisals other than valence. We discuss limited sample sizes and heterogeneity as reasons for the absence of significant moderators and encourage experimental investigations of individual differences in the susceptibility to incidental affective influences. (shrink)

The idea that there is a fundamental difference in value between persons and things, and that respecting this difference is an important moral requirement, has strong intuitive appeal. Kantian ethics is unique in placing this requirement at the center of a moral system and in explicating the conditions for complying with it. Unlike challenges to Kantian ethics that focus on tragic cases that pit respect for one person against respect for another, this paper focuses on the question of how we (...) can respect the value distinction between persons and things under conditions of uncertainty. After exploring why decision making under uncertainty is a neglected topic among Kantians and demonstrating how uncertainty challenges our ability to comply with this norm, we propose a notion of morally insignificant risk within a framework that allows agents to navigate real-world decisions involving material benefit and some risk to dignity without violating the Kantian’s core commitments. We conclude by exploring some of the challenges facing this approach. (shrink)

This article solves the problem of ensuring database decision-making in conditions of growing uncertainty and risks based on the results of business diagnostics is solved in this article. The main purpose of the research is to further develop the methodology of forming an analytical database for making management decisions. The following methods formed the methodological basis of the research: abstract-logical – used to generalize theoretical approaches and confirm the practical significance of solving the problem of decision- (...) class='Hi'>making in conditions of uncertainty and risk; system analysis – when building a model of decision-making while coordinating areas and methods of business diagnostics; generalization – when drawing conclusions based on research results. The results of solving the problem of decision-making by improving the methodological approach in selecting areas and methods of business diagnostics in the conditions of growing uncertainty and risks are given in the article. The results of the research have practical value for companies that seek to reduce uncertainty and risk in the decision-making process in business management. (shrink)

The intention of this paper is to point to the dilemma humanity may face in light of AI advancements. The dilemma is whether to create a world with less evil or maintain the human status of moral agents. This dilemma may arise as a consequence of using automated decision-making systems for high-stakes decisions. The use of automated decision-making bears the risk of eliminating human moral agency and autonomy and reducing humans to mere moral patients. On (...) the other hand, it also has the potential to bring tremendous benefits to humanity by decreasing human-induced harm in the world. After presenting how this dilemma may arise, I explore general avenues for addressing it. I will argue that we do not have to solve this dilemma in an all-or-nothing fashion and that a more nuanced approach may be suitable. However, the main point I want to highlight is that we need to have a principled way of addressing this dilemma, which is currently missing. (shrink)

In his paper, ‘Patients, doctors and risk attitudes’, Makins argues that doctors, when choosing a treatment for their patient, need to follow their risk profile.1 He presents a pair of fictitious diseases facing a patient who either has ‘exemplitis’, which requires no treatment or ‘caseopathy’, which is severe and disabling and for which there is a treatment with unpleasant side effects. The doctor needs to decide whether the patient should pursue the unpleasant treatment, just in case he has (...) caseopathy. Makins believes that rational-choice theory is a productive way to approach this problem. This theory frames all decisions as gambles. Each possible gamble (eg, not to pursue treatment) leads, probabilistically, to a set of outcomes (life with no disease and no side effects, but also, possibly, life with a disabling disease, since no treatment is taken). Utilities of these outcomes and probabilities that they will happen are combined to yield a number—expected utility. One is supposed to gamble—to make a choice—in a way that maximises this expected utility. Makins takes this framework for granted and is focused on an additional complication, the patient’s risk preference. He believes that, in his hypothetical example, even if expected utility were exactly the same, withholding treatment …. (shrink)

Research on the cognitive abilities involved in decision making has shown that, under objective risk conditions (i.e., when explicit information about possible outcomes and risks is available), superior decisions are especially predicted by executive functions and exact number processing skills, also referred to as objective numeracy. So far, decision-making research has mainly focused on exact number processing skills, such as performing calculations or transformations of symbolic numbers. There is evidence that such exact numeric skills are (...) based on approximate number processing (ANP) skills, which enable quick and accurate processing of non-symbolic numbers (e.g. Chen and Li, 2014). Very few studies, however, have investigated ANP skills in the context of risky decision making and have analyzed direct associations among the aforementioned sub functions. Possible interactions between the closely related skills have not been considered. The current study (N = 128) examines interactions of ANP skills with executive functions and objective numeracy, in predicting risky choice behavior. ANP skills are represented by the accuracy in a dot-comparison task. Decision making is measured by two versions of the Game of Dice Task (GDT), which place different emphases on the reflection of potential risks. The results show two-way as well as three-way interactions between the measures of ANP skills, executive functions, and objective numeracy in predicting risky decisions in both GDT versions. The riskiest decisions were most frequently made in case of low scores in all of the three competencies, while good performance in any one of them resulted in significant reductions of disadvantageous decisions. The findings indicate that high ANP skills can positively affect choice behavior in individuals who have weaknesses in reflectively attributed skills, namely executive functions and objective numeracy. Potential compensatory effects and mechanisms of ANP in decision making are discussed. (shrink)