Dataset Information

The Influence of Counterfactual Comparison on Fairness in Gain-Loss Contexts.

ABSTRACT: Fairness perceptions may be affected by counterfactual comparisons. Although certain studies using a two-player ultimatum game (UG) have shown that comparison with the proposers influences the responders' fairness perceptions in a gain context, the effect of counterfactual comparison in a UG with multiple responders or proposers remains unclear, especially in a loss context. To resolve these issues, this study used a modified three-player UG with multiple responders in Experiment 1 and multiple proposers in Experiment 2 to examine the influence of counterfactual comparison on fairness-related decision-making in gain and loss contexts. The two experiments consistently showed that regardless of the gain or loss context, the level of inequality of the offer and counterfactual comparison influenced acceptance rates (ARs), response times (RTs), and fairness ratings (FRs). If the offers that were received were better than the counterfactual offers, unequal offers were more likely to be accepted than equal offers, and participants were more likely to report higher FRs and to make decisions more quickly. In contrast, when the offers they received were worse than the counterfactual offers, participants were more likely to reject unequal offers than equal offers, reported lower FRs, and made decisions more slowly. These results demonstrate that responders' fairness perceptions are influenced by not only comparisons of the absolute amount of money that they would receive but also specific counterfactuals from other proposers or responders. These findings improve our understanding of fairness perceptions.

SUBMITTER: Li Q

PROVIDER: S-EPMC5422536 | biostudies-literature | 2017

REPOSITORIES: biostudies-literature

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The Influence of Counterfactual Comparison on Fairness in Gain-Loss Contexts.

Li Qi Q Wang Chunsheng C Taxer Jamie J Yang Zhong Z Zheng Ya Y Liu Xun X

Frontiers in psychology 20170509

Fairness perceptions may be affected by counterfactual comparisons. Although certain studies using a two-player ultimatum game (UG) have shown that comparison with the proposers influences the responders' fairness perceptions in a gain context, the effect of counterfactual comparison in a UG with multiple responders or proposers remains unclear, especially in a loss context. To resolve these issues, this study used a modified three-player UG with multiple responders in Experiment 1 and multiple ...[more]

PMID: 28536542

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Project description:Research on economic decision making has revealed specific biases in gain versus loss domains such that risky choice options are overvalued in gain conditions, implying optimism, but undervalued in loss conditions, implying pessimism. Individual differences in motivational traits and affective states have been shown to predict beliefs and behavior in risky decision making, but it is presently unclear which personal characteristics are most predictive of domain-specific biases. To address this gap in the literature, we investigated the relative influence of positive and negative motivational traits (general sensitivity to rewards and punishments) versus affective states (current levels of positive and negative emotions) on beliefs and choice behavior during a risky economic decision task. We also expanded on previous research by examining how the valence of one's judgment context (positive context tested in Experiment 1, negative context tested in Experiment 2) may determine whether risky choice behavior is more strongly influenced by positive versus negative characteristics. Biases in belief were calculated using an economic decision task that involved estimating the value of risky "stocks" relative to safe "bonds" from experienced outcomes. Experiment 1 used a positive judgment context (likelihood of a "good stock") while Experiment 2 used a negative judgment context (likelihood of a "bad stock"). Consistent with previous findings, we observed a domain-based bias in beliefs about stock values across experiments, such that participants exhibited optimism in gain domain and pessimism in the loss domain. Experiment 1 further revealed that domain-based bias and suboptimal choice behavior was predicted by trait-level reward sensitivity, while positive affective state (PAS) had a more limited influence on belief bias alone. Under the negative judgment context of Experiment 2, there was a similar relationship between reward sensitivity and choice behavior; however, results revealed a slightly stronger influence of negative affective state (NAS). A subsequent cross-study analysis found sensitivity to rewards was most predictive of domain-based biases. These results suggest that motivational traits - particularly those relating to reward sensitivity - are more consistent predictors of domain-based biases and risky choice behavior than affective states, but their predictive power depends the valence of the decision context.

Dataset Information

The Influence of Counterfactual Comparison on Fairness in Gain-Loss Contexts.

Publications

The Influence of Counterfactual Comparison on Fairness in Gain-Loss Contexts.

Similar Datasets

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