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ISSN : 1229-8778
Despite the well-known effect of social comparison on our thoughts and behaviors, little is known about its influence on financial decision-making in a controlled laboratory setting. To investigate the effect of social comparison on risky financial decisions, the present study used a gambling-like game, where a player can see the outcomes of both himself/herself and the partner at the end of each game trial, and chooses to accept the outcome or to replay the game. A repeated measures ANOVA test using three levels of absolute outcome(gain, break-even and loss) and three levels of relative outcome(gain, equal, and loss) revealed significant main effects as well as an interaction effect of both absolute and relative outcomes on risk-aversion choices. In addition, a subsequent logistic regression analysis revealed that participants’ risk-aversion choices were affected significantly by the relative income only for the absolute loss trials. The present results demonstrated that perceived value of one's monetary outcome during gambling can be affected by others' outcomes, predominantly in a situation of financial loss, potentially providing a useful experimental framework that allows for a quantitative measure of the amount of social comparison.
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