Risk Preferences in Young Children: Early Evidence of Individual Differences in Reaction to Potential Gains and Losses

Journal of Behavioral Decision Making

Volumn 16, Issue 5, 2003, Pages 397-413

  Levin, Irwin P ^a   Hart, Stephanie S ^a  

^a University of Iowa   (United States)

Author keywords

Children's decision making; Individual differences; Risky choice

Indexed keywords

EID: 0346271616     PISSN: 08943257     EISSN: None     Source Type: Journal    
DOI: 10.1002/bdm.453     Document Type: Article

References (36)

1. Agnoli, F. (1991). Development of judgmental heuristics and logical reasoning: training counteracts the represent-ativeness heuristic. Cognitive Development, 6, 195-217.
2. Ahadi, S. A., Rothbart, M. K., & Ye, R. (1993). Children's temperament in the US and China: similarities and differences. European Journal of Personality, 7(5), 359-377.
3. Baron, J., Granato, L., Spranca, M., & Teubal, E. (1993). Decision-making biases in children and early adolescents: exploratory studies. Merrill-Palmer Quarterly, 39, 22-46.
4. Byrnes, J. P., Miller, D. C., & Schafer, W. D. (1999). Gender differences in risk taking: a meta-analysis. Psychological Bulletin, 125, 367-383.
5. Cacioppo, J. T., Petty, R. E., Feinstein, J., & Jarvis, W. (1996). Dispositional differences in cognitive motivation: the life and times of individuals varying in need for cognition. Psychological Bulletin, 119, 197-253.
6. Dahlback, O. (1990). Personality and risk-taking. Personality and Individual Differences, 11, 1235-1242.
7. Davidson, D. (1991). Children's decision-making examined with an information-board procedure. Cognitive Development, 6, 77-90.
8. Davidson, D. (1996). The effect of decision characteristics on children's selective search of predecisional information. Acta Psychologica, 92, 263-281.
9. Digman, J. M. (1990). Personality structure: emergence of the five factor model. Annual Review of Psychology, 44, 417-440.
10. Eder, R. A., & Mangelsdorf, S. C. (1997). The emotional basis of early personality development. In R. Hogan, J. Johnson, & S. Briggs (Eds.), Handbook of personality psychology (pp. 209-240). San Diego, CA: Academic Press.
11. Falk, R., & Wilkening, F. (1998). Children's construction of fair chances: adjusting probabilities. Developmental Psychology, 34(6), 1340-1357.
12. Harbaugh, W. T., Krause, K., & Vesterlund, L. (2000). Subjective probability weights for children and adults over gains and losses. Unpublished manuscript, University of Oregon.
13. Huber, B. L., & Huber, O. (1987). Development of the concept of comparative subjective probability. Journal of Experimental Child Psychology, 44, 304-316.
14. Jacobs, J. E., Greenwald, J. P., & Osgood, D. W. (1995). Developmental differences in base rate estimates of social behaviors and attitudes. Social Development, 4, 165-181.
15. Jacobs, J. E., & Potenza, M. (1991). The use of judgment heuristics to make social and object decisions: a developmental perspective. Child Development, 62, 166-178.
16. Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 47, 263-291.
17. Klaczynski, P. (2001). Analytic and heuristic processing influences on adolescent reasoning and decision-making. Child Development, 72, 844-861.
18. Kochanska, G., Coy, K. C., & Murray, K. T. (2001). The development of self-regulation in the first four years of life. Child Development, 72, 1091-1111.
19. Kochanska, G., Coy, K. C., Tjebkes, T. L., & Husarek, S. J. (1998). Individual differences in emotionality in infancy. Child Development, 69, 375-390.
20. Lauriola, M., & Levin, I. P. (2001). Personality traits and risky decision-making in a controlled experimental task: an exploratory study. Personality and Individual Differences, 31, 215-226.
21. Levin, I. P., Gaeth, G. J., Schreiber, J., & Lauriola, M. (2002). A new look at framing effects: distribution of effect sizes, individual differences, and independence of types of effects. Organizational Behavior and Human Decision Processes, 88, 411-429.
22. Marks, R. (1951). The effect of probability, desirability, and 'privilege' on the stated expectations of children. Journal of Personality, 19, 332-351.
23. Piaget, J., & Inhelder, B. (1975). The origin of the idea of chance in children (L. Leake, P. Burrell, & H. D. Fishbein, Trans.). Paris: Presses Universitaires de France. [Original work published 1951.]
24. Reyna, V. F., & Ellis, S. C. (1994). Fuzzy-Trace Theory and framing effects in children's risky decision making. Psychological Science, 5, 275-279.
25. Rothbart, M., Ahadi, S., Horsey, K., & Fisher, P. (2001). Investigations of temperament at three to seven years: the Children's Behavior Questionnaire. Child Development, 72, 1394-1408.
26. Rothbart, M. K., Ahadi, S. A., & Hershey, K. L. (1994, January). Temperament and social behavior in childhood. Merrill-Palmer Quarterly, 40(1), 21-39.
27. Rusting, C. L. (1998). Personality, mood, and cognitive processing of emotional information: three conceptual frameworks, Psychological Bulletin, 124(2), 165-196.
28. Schlottmann, A. (2000). Children's judgments of gambles. Journal of Behavioral Decision Making, 13, 77-89.
29. Schlottmann, A. (2001). Children's probability intuitions. Child Development, 72(1), 103-122.
30. Schlottmann, A., & Anderson, N. H. (1994). Children's judgments of expected value. Developmental Psychology, 30, 56-66.
31. Siegler, R. S. (1981). Developmental sequences within and between concepts. Monographs of the Society for Research in Child Development, 46(Whole No. 189).
32. Slovic, P. (1966). Risk-taking in children: age and gender differences. Child Development, 37, 169-176.
33. Stanovich, K. E. (1999). Who is rational? Studies of individual differences in reasoning. Mahwah, NJ: Lawrence Erlbaum Associates.
34. Stanovich, K. E., & West, R. F. (1998). Individual differences in rational thought. Journal of Experimental Psychology: General, 127, 161-188.
35. Tversky, A., & Kahneman, D. (1981). The framing of decisions and the psychology of choice. Science, 211, 453-458.
36. Vollrath, M., Knoch, D., & Cassano, L. (1999). Personality, risky health behaviour and perceived susceptibility to health risks. European Journal of Personality, 13, 39-50.