Self-Other Differences in Risky Decision Making: An Analysis of Social Values Theory and Construal-Level Theory

Abstract

This study seeks to explain self-other differences in decision making pertaining to risk through the comparison of social value theory (Stone & Allgaier, 2008) and construal-level theory (Trope & Liberman, 2010). Research has demonstrated that in comparison to decisions for the self, individuals tend to be more risk-taking when giving advice or deciding for others in low-impact relationship scenarios (Beisswanger, Stone, Hupp, & Allgaier, 2003). Social value theory (Stone & Allgaier, 2008) proposes that advisers decide for others based on a social norm that emphasizes the importance of the social value. In contrast, construal level theory (Trope & Liberman, 2010) suggests that individuals choose differently for others based on a higher-level mental construal that lends to more abstract thinking. Contrary to construal-level theory (Trope & Liberman, 2010), manipulations of mental construal mindset and temporal distance had no impact on the riskiness of the decision outcome in a low-impact relationship scenario. In line with social value theory (Stone & Allgaier, 2008), participants were riskier when making decisions for others than for themselves regardless of the mental mindset and temporal distance.