Taking risks for the best: Maximizing and risk-taking tendencies
Maximizing is characterized by aspirations for the highest standards. The current study explored the relationship between maximizing and risk-taking tendencies in decisions subject to risk. We propose that people first refer to expectation (i.e., the overall utility expected from an alternative) whe...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press
2020-07-01
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| Series: | Judgment and Decision Making |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S1930297500007440/type/journal_article |
| _version_ | 1797697887321194496 |
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| author | Tian Qiu Yang Bai Jingyi Lu |
| author_facet | Tian Qiu Yang Bai Jingyi Lu |
| author_sort | Tian Qiu |
| collection | DOAJ |
| description | Maximizing is characterized by aspirations for the highest standards. The current study explored the relationship between maximizing and risk-taking tendencies in decisions subject to risk. We propose that people first refer to expectation (i.e., the overall utility expected from an alternative) when taking risky decisions. If expectation clearly identifies the best option, maximizing will not be correlated with risk-taking tendencies. If not, people refer to maximizing to reach a decision. Maximizing will be positively associated with risk-taking tendencies because the “upper bound” of risky options helps achieve the goal of seeking the best. Four studies showed that risk-taking tendencies increased with maximizing when the options had similar expectations (Studies 1 to 3). When expectations between options were clearly different (vs. similar), the positive relationship between maximizing and risk-taking tendencies was reduced (Study 4). These findings provide an insight into how maximizing is related to risk seeking. |
| first_indexed | 2024-03-12T03:46:26Z |
| format | Article |
| id | doaj.art-5eb0212fc6a543aea3c08c488a0f6f8e |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T03:46:26Z |
| publishDate | 2020-07-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-5eb0212fc6a543aea3c08c488a0f6f8e2023-09-03T12:43:29ZengCambridge University PressJudgment and Decision Making1930-29752020-07-011549950810.1017/S1930297500007440Taking risks for the best: Maximizing and risk-taking tendenciesTian Qiu0https://orcid.org/0000-0002-9916-6160Yang Bai1https://orcid.org/0000-0001-8345-2624Jingyi Luhttps://orcid.org/0000-0001-7640-9759School of Psychology and Cognitive Science, East China Normal UniversitySchool of Psychology and Cognitive Science, East China Normal UniversityMaximizing is characterized by aspirations for the highest standards. The current study explored the relationship between maximizing and risk-taking tendencies in decisions subject to risk. We propose that people first refer to expectation (i.e., the overall utility expected from an alternative) when taking risky decisions. If expectation clearly identifies the best option, maximizing will not be correlated with risk-taking tendencies. If not, people refer to maximizing to reach a decision. Maximizing will be positively associated with risk-taking tendencies because the “upper bound” of risky options helps achieve the goal of seeking the best. Four studies showed that risk-taking tendencies increased with maximizing when the options had similar expectations (Studies 1 to 3). When expectations between options were clearly different (vs. similar), the positive relationship between maximizing and risk-taking tendencies was reduced (Study 4). These findings provide an insight into how maximizing is related to risk seeking.https://www.cambridge.org/core/product/identifier/S1930297500007440/type/journal_articlerisky decisionmaximizingexpectation |
| spellingShingle | Tian Qiu Yang Bai Jingyi Lu Taking risks for the best: Maximizing and risk-taking tendencies Judgment and Decision Making risky decision maximizing expectation |
| title | Taking risks for the best: Maximizing and risk-taking tendencies |
| title_full | Taking risks for the best: Maximizing and risk-taking tendencies |
| title_fullStr | Taking risks for the best: Maximizing and risk-taking tendencies |
| title_full_unstemmed | Taking risks for the best: Maximizing and risk-taking tendencies |
| title_short | Taking risks for the best: Maximizing and risk-taking tendencies |
| title_sort | taking risks for the best maximizing and risk taking tendencies |
| topic | risky decision maximizing expectation |
| url | https://www.cambridge.org/core/product/identifier/S1930297500007440/type/journal_article |
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