The Relationship Between Family Socioeconomic Status And Risk Preference Of Undergraduate:Mediating Effect Of Subjective Social Status

This study aims to explore the role of subjective social status in the socioeconomic status and risk preference of college students under the framework of social comparison theory.The study is divided into three parts: Study 1 uses the questionnaire method to explore the relationship between family socioeconomic status,subjective social status and risk preference of college students through horizontal research at the first place.Study 2 uses questionnaires and behavioral experiments to further explore the mediating role of subjective social status of college students in family socioeconomic status and risk preferences;Study 3 uses the experimental design of the between-subjects(subjective social status initiation)to explore whether there is a co-variation relationship between the subjective social status of college students and their risk preferences.The result of study shows that:1.College student's subjective social status plays a significant intermediate role between family socioeconomic status and risk preferences.Student who have a higher family socioeconomic status could perceive a higher subjective social status.Thus they leaning to take risks.On the contrary,student with lower family socioeconomic status would have a lower subjective social status and risk preferences.2.College student's subjective social status has a significant predictive effect on their risk preferences.Students whose subjective social status is promoted are more likely to take risks;college students whose subjective social status is suppressed are more conservative in risk decision-making.In summary,college student's subjective social status plays a significant intermediate role between family socioeconomic status and risk preferences.And in the behavioral experiments,college student's subjective social status have a co-variation relation with risk preference.These result all validate the theory of social comparison,and showing that college student's risk preference will change according to the surrounding objective environment.Therefore,we recommend to students whohave less social resources or who feel that their subjective social status is low should not be too conservative in risk decision-making so as not to lose important opportunities.