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We examine situations in which a decision maker decides for another person as well as herself under conditions of payoff equality, and compare such decisions under responsibility to individual decisions. Estimating a structural model we find that responsibility leaves utility curvature unaffected, but accentuates the subjective distortion of very small and very large probabilities for both gains and losses. This results in an accentuation of prospect theory's four-fold pattern of risk preferences under responsibility. In addition, we also find that responsibility reduces loss aversion according to some common definitions of the latter. These results serve to reconcile some of the still largely contradictory findings in the literature on decisions for oneself and others under payoff equality.
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Elihu Root (/ˈɛlɪhjuː ˈruːt/; February 15, 1845 – February 7, 1937) was an American lawyer, Republican politician, and statesman who served as Secretary of State and Secretary of War in the early twentieth century. He also served as United States Senator from New York and received the 1912 Nobel Peace Prize. Root is sometimes considered the prototype of the 20th century political "wise man," advising presidents on a range of foreign and domestic issues. Root was a leading New York City lawyer who moved frequently between high-level appointed government positions in Washington, D.C., and private-sector legal practice in New York City. His private clients included major corporations and such powerful players as Andrew Carnegie. Root served as president or chairman of the Carnegie Endowment for International Peace, the Carnegie Institution of Washington, and the Carnegie Corporation of New York. Root was a prominent opponent of women's suffrage and worked to ensure the New York state constitution allowed only men to vote. As Secretary of War from 1899 to 1904, Root administered colonial possessions won in the Spanish–American War, especially the Philippines and Cuba. Root favored a paternalistic approach to colonial administration, emphasizing technology, engineering, and disinterested public service. He helped design the Foraker Act of 1900, the Philippine Organic Act (1902), and the Platt Amendment of 1901. He was a strong advocate for the Panama Canal and the Open Door Policy. Root also modernized the Army into a professional military apparatus comparable to the best in Europe. He restructured the National Guard into an effective reserve, created the United States Army War College and established a general staff. After a brief return to private life, Root rejoined the Roosevelt administration as Secretary of State from 1905 to 1909. Root modernized the consular service by minimizing patronage, promoted friendly relations with Latin America, and resolved frictions with Japan over the immigration of unskilled workers to the West Coast of the United States. He negotiated 24 bilateral international arbitration treaties, which led to the creation of the Permanent Court of International Justice. In the United States Senate, Root was a conservative supporter of President William Howard Taft. He played a central role in Taft's nomination to a second term at the 1912 Republican National Convention. By 1916, he was a leading proponent of military preparedness with the expectation that the United States would enter World War I. President Woodrow Wilson sent him to Russia in 1917 in an unsuccessful effort to establish an alliance with the new revolutionary government that had replaced the czar. Root supported Wilson's vision of the League of Nations but with reservations along the lines proposed by Republican Senator Henry Cabot Lodge. (Source: DBPedia)
Elihu Root (/ˈɛlɪhjuː ˈruːt/; February 15, 1845 – February 7, 1937) was an American lawyer, Republican politician, and statesman who served as Secretary of State and Secretary of War in the early twentieth century. He also served as United States Senator from New York and received the 1912 Nobel Peace Prize. Root is sometimes considered the prototype of the 20th century political "wise man," advising presidents on a range of foreign and domestic issues. Root was a leading New York City lawyer who moved frequently between high-level appointed government positions in Washington, D.C., and private-sector legal practice in New York City. His private clients included major corporations and such powerful players as Andrew Carnegie. Root served as president or chairman of the Carnegie Endowment for International Peace, the Carnegie Institution of Washington, and the Carnegie Corporation of New York. Root was a prominent opponent of women's suffrage and worked to ensure the New York state constitution allowed only men to vote. As Secretary of War from 1899 to 1904, Root administered colonial possessions won in the Spanish–American War, especially the Philippines and Cuba. Root favored a paternalistic approach to colonial administration, emphasizing technology, engineering, and disinterested public service. He helped design the Foraker Act of 1900, the Philippine Organic Act (1902), and the Platt Amendment of 1901. He was a strong advocate for the Panama Canal and the Open Door Policy. Root also modernized the Army into a professional military apparatus comparable to the best in Europe. He restructured the National Guard into an effective reserve, created the United States Army War College and established a general staff. After a brief return to private life, Root rejoined the Roosevelt administration as Secretary of State from 1905 to 1909. Root modernized the consular service by minimizing patronage, promoted friendly relations with Latin America, and resolved frictions with Japan over the immigration of unskilled workers to the West Coast of the United States. He negotiated 24 bilateral international arbitration treaties, which led to the creation of the Permanent Court of International Justice. In the United States Senate, Root was a conservative supporter of President William Howard Taft. He played a central role in Taft's nomination to a second term at the 1912 Republican National Convention. By 1916, he was a leading proponent of military preparedness with the expectation that the United States would enter World War I. President Woodrow Wilson sent him to Russia in 1917 in an unsuccessful effort to establish an alliance with the new revolutionary government that had replaced the czar. Root supported Wilson's vision of the League of Nations but with reservations along the lines proposed by Republican Senator Henry Cabot Lodge. (Source: DBPedia)
Q220619
Publishing years
1
1934
2
1929
3
1925
1
1921
1
1919
2
1918
3
1917
3
1916
1
1915
1
1913
1
1907
Series
International conciliation (4)
World Peace Foundation pamphlets (2)
Publications of the Carnegie Endowment for International Peace (1)
Pamphlet series of the Carnegie Endowment for International Peace (1)
World Peace Foundation, Pamphlet Series, Vol.3, 1913 (1)
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