Purpose: The core question explored in this study was whether social value theory, which can explain the domain specificity of self-other differences, still was applicable when choice recipients change.
Methods: A pre-experiment and three formal experiments were conducted to explore the differences in self-other risk decision-making in different domains and different recipients from the perspective of social value theory. Experiment 1 involved 152 participants who were asked to make decisions for themselves and a single other in three risk domains. In Experiment 2, 178 participants were recruited, with money loss domain added and the “others” divided into “intimate others” to explore the effect of social distance on self-others risk decision-making in four domains. In Experiment 3, 233 participants were involved, and the number of “others” was expanded to explore the differences between “individual decision-making” and “group decision-making”.
Results: In the relationship domain, individuals were more risk-averse when making decisions for themselves, while in the money gain domain and personal safety domain, individuals’ risk-taking tendencies when making decisions for themselves were significantly higher than that for new friends. In the money loss domain, no significant difference was found among the three decision-maker roles. When making decisions for a group (including the decision-maker), individuals exhibit a “compromise effect” in the non-monetary domain, where their risk appetite falls between making decisions for themselves and for the group.
Conclusion: The domain differences in self-other risk decision-making can be explained by the social value theory.
Keywords: self-other difference, risk decision-making, domain specificity, decision-maker role, social value theory