The Influence Of Time Distance And Personality Characteristics On Risk Propensity In Risk Decision Making

Objective:Risk decision-making can be seen everywhere in our life,which is different from deterministic decision-making and uncertain decision-making.Research on risk decision-making can find and avoid bad habits in our decision-making,and significantly improve the quality of decision-making in our life,so it is necessary to study risk decision-making.Based on the hypothetical investment reward(return /loss)situation,this study studies the influence of time distance and personality characteristics on risk decision-making tendency.(1)Through the experimental study,we verify and re explore the influence of time distance in psychological distance on people’s risk decision-making tendency;(2)Through further experimental research,this paper explores the influence of openness,neuroticism,agreeableness,extraversion and sense of responsibility on risk decision-making in Big Five personality model,and studies the influence of time distance interaction on people’s risk decision-making tendency,and discusses it from two aspects of profit and loss.Methods:In the first study,90 college students were selected as subjects,and time distance(one week later,three months later and one year later)was used as independent variables.The single factor inter subject design was used to explore the influence of time distance on individual risk decision-making tendency.In the second study,269 college students were selected as subjects.On the basis of the first experiment,personality variables were introduced and five personality dimensions were added.The experiment adopted 3(time distance: one week later,three months later,one year later)× 3(dimension level: high,medium,low)and two factor inter subject design to explore the influence of time distance and each personality dimension in the big five personality model on individual risk decision-making The influence of tropism.Result:The results of Experiment 1 show that,compared with conventional decision-making,the risk propensity of individual in intertemporal decision-making with time distance increases significantly,and in risk decision-making with different time distance,with the increase of psychological distance,the risk propensity of risk distance also increases.The results of Experiment 2 show that openness and neuroticism are the personality dimensions that influence time distance and risk decision-making.There was a significant interaction between openness and time distance(F(4,260)=4.298,p<0.01).Specifically,with the increase of time distance,the risk propensity of high openness subjects increased,and the analysis of variance of time distance on risk decision was significant(F(2,66)=4.496,p<0.05),while that of low openness subjects(F(2,71)=2.674,p>0.05),but not significant in ANOVA,that is,openness and time distance have interactive effects on the risk propensity of risk decision-making.Under the condition of loss,openness,neuroticism and sense of responsibility are the most influential personality dimensions.The interaction between sense of responsibility and time distance(F(4,260)= 2.517,p<0.05)was significant at the significance level of 0.05.Specifically,with the increase of time distance,the risk propensity of low sense of responsibility subjects decreased,and the analysis of variance of time distance on risk decision-making was significant(F(2,65)= 11.651,p< 0.001),However,there was no significant difference in the analysis of variance between time distance and risk decision-making(F(2,66)= 0.22,p> 0.05),that is to say,there was an interaction between responsibility and time distance.Conclusion1.Time distance can affect the risk propensity of risk decision-making.In the normal return situation,individuals will take more risks in intertemporal decision-making with time distance than normal decision-making,and the farther the time distance is,the greater the risk propensity is.2.In the risk decision-making under the loss situation,compared with the individuals with low sense of responsibility,the individuals with high sense of responsibility show lower risk tendency in different time distances,so that the effect of time distance is not significant.3.Compared with low neuroticism individuals,high neuroticism individuals have higher risk propensity in return situation,and lower wind direction propensity in loss situation.4.No matter in the profit scenario or loss scenario,high openness individuals are more risky than low openness individuals,and the effect of time distance on risk propensity is more significant.