The effect of positive feelings on risk taking: When the chips are down |
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| Affiliation: | 1. Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR Rotterdam, The Netherlands;2. Faculty of Economics and Business, University of Amsterdam, Plantage Muidergracht 12, 1018 TV Amsterdam, The Netherlands;3. Center for Neurogenomics and Cognitive Research, Department Complex Trait Genetics, Vrije Universiteit Amsterdam, Science Building B-543, De Boelelaan 1085, 1081 HV Amsterdam, The Netherlands;4. School of Industrial Engineering & Innovation Sciences, Eindhoven University of Technology, P.O. Box 513, 5600 MB Eindhoven, The Netherlands;1. Institute of Cognitive Neuroscience, University College London, London, United Kingdom;2. Affective Brain Lab, Department of Experimental Psychology, University College London, London, United Kingdom;1. Department of Psychology, Columbia University, New York, NY 10027, USA;2. Department of Accounting, Monash Business School, Monash University, Caulfield East, VIC 3145, Australia;3. Department of Psychology, Woodrow Wilson School of Public and International Affairs, and Andlinger Center for Energy and the Environment, Princeton University, Princeton, NJ 08540, USA;1. University of Leeds, Business School, Leeds, United Kingdom;2. CESifo, Germany;3. German Council of Economic Experts, Wiesbaden, Germany |
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| Abstract: | Two studies conducted simultaneously investigated the influence of positive affect on risk taking. Results of the study, which employed an actual measure of subjects' willingness to bet something of value, supported the prediction of an interaction between level of risk and positive affect: subjects who had reason to be feeling elated bet more than control subjects on a low-risk bet, but wagered less than controls on a high-risk bet. At the same time, in contrast, a study involving hypothetical risk-taking showed that in general subjects were more willing to take the chance as probability of success went up; but that elated subjects were more daring than controls on a “long shot.” Differences in hypothetical vs real risk taking were noted, and the complexity (the interaction) of the influence of positive feelings on real risk taking was emphasized. The results were related to other research suggesting an influence of feeling states on cognitive processes and decision making. |
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