Comparing Risky Decision Making Under Conditions of Real and Hypothetical Consequences

In a series of three experiments, subjects made risky decisions under conditions of hypothetical or real consequences. Task variations across experiments included: (1) type of risk (monetary gambles or investments of time and effort), (2) within-subject and between-subjects manipulations of consequence condition, and (3) single or multiple decisions. The hypothesis of no difference between choices in real and hypothetical consequence conditions was retained in each experiment. Supplemental analyses ruled out various “artifactual” interpretations of the null results. Discussion focused on conditions in which researchers can and cannot infer decision makers’ actual risk preferences from their responses in laboratory tasks.