Original Research ARTICLE
Choice under risk: how occupation influences preferences
- 1University of Bedfordshire Bedford, United Kingdom
- 2University of Huddersfield, United Kingdom
- 3Teesside University, United Kingdom
In the last decade, a number of studies in the behavioural sciences, particularly in psychology and economics, have explored the complexity of individual risk behaviour and its underlying factors. Most previous studies have examined the influences of various socio-economic, cognitive, biological and psychological factors on human decision-making however, the relationship between the decision-makers’ risk preferences and occupational background has not received much empirical attention. Accordingly, in the current study, we investigated how occupational background, together with decision-making framing (e.g., variations in decision domain, context, presentation of risk and utility ratios), influence participants’ risk preferences for decision options with equivalent expected utility. Our novel findings indicate that risk preferences may vary among individuals from different occupational backgrounds. As such, when the task was framed in gain terms, participants who mostly deal with health/safety-related risks on a day-to-day basis (high-risk occupations) were predominantly risk-averse (avoiding risky options), while participants who mostly deal with financial/social risks (white-collar occupations) were prone to risk-seeking behaviour (avoiding certain options). Specifically, in “high-risk” occupations, participants’ pattern of choices changed from risk-averse in gain scenarios to risk-seeking in loss scenarios. However, the opposite pattern of risk preferences was found in participants with “white-collar” occupations. Our findings indicate that decision-makers’ occupational backgrounds influence risk preferences under some circumstances.
Keywords: Choice under risk, Risk preference, Occupation, utility, Decision context
Received: 01 Oct 2018;
Accepted: 15 Aug 2019.
Edited by:Ulrich Hoffrage, Université de Lausanne, Switzerland
Reviewed by:Renata M. Heilman, Babeș-Bolyai University, Romania
Dafina Petrova, Andalusian School of Public Health, Spain
Copyright: © 2019 Hill, Kusev and van Schaik. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY). The use, distribution or reproduction in other forums is permitted, provided the original author(s) and the copyright owner(s) are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.
* Correspondence: Dr. Tetiana Hill, University of Bedfordshire Bedford, Bedford, United Kingdom, firstname.lastname@example.org