Consumers Are (Relatively) Risk Seeking in the Domain of Error

We find that consumers make riskier choices when gambles have a prediction component (e.g. betting on an outcome) in addition to monetary consequences (e.g. 50% chance of $2). These results help to explain consumers’ inconsistent risk preferences across contexts (e.g. insurance, gambling), and suggest manipulations of consumers’ tolerance for risk.


Berkeley Jay Dietvorst and Lin Fei (2020) ,"Consumers Are (Relatively) Risk Seeking in the Domain of Error", in NA - Advances in Consumer Research Volume 48, eds. Jennifer Argo, Tina M. Lowrey, and Hope Jensen Schau, Duluth, MN : Association for Consumer Research, Pages: 1091-1095.


Berkeley Jay Dietvorst, University of Chicago, USA
Lin Fei, University of Chicago, USA


NA - Advances in Consumer Research Volume 48 | 2020

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