This study examines (1) how risk–payoff preference can be affected by differences in consideration of future consequences (CFC), prior gain/loss, and personal risk profile, and (2) whether one’s risk–payoff preference may vary with justification prompts. Using an experimental design with 366 undergraduate business students, participants are tasked to make risk–payoff choices in two scenarios, with the combined risk–payoff outcomes serving as the dependent variable. In addition, participants are assessed on their personal risk profiles and also complete the 14-item CFC scale to gauge the propensity to take into account future consequences of their behaviors. Findings show that one who scores low (high) in CFC will prefer lower (higher) risk and payoff. Further, for an individual who scores high in CFC and has a prior gain (loss), he/she will be more inclined to prefer lower (higher) risk and payoff, though this effect is moderated by one’s risk profile. Finally, justification prompts help to reduce one’s propensity toward high risk–payoff, irrespective of prior gain/loss and risk profile considerations. With regard to consumers’ financial choices, particularly in a volatile economic environment, the findings here indicate that prompting for strategic justifications before making decisions can help lower one’s overall propensity toward high risk–payoff choices.

中文翻译：

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考虑未来后果、之前的收益或损失、个人风险状况和理由如何影响风险-收益偏好

本研究探讨了（1）风险回报偏好如何受到考虑未来后果（CFC）、先前收益/损失和个人风险状况的差异的影响，以及（2）一个人的风险回报偏好是否会随着理由提示而变化。使用 366 名商科本科生的实验设计，参与者的任务是在两种情况下做出风险收益选择，并将风险收益组合结果作为因变量。此外，参与者还接受个人风险状况评估，并完成 14 项 CFC 量表，以衡量考虑其行为未来后果的倾向。研究结果表明，CFC 得分低（高）的人会更喜欢较低（较高）的风险和回报。此外，对于 CFC 得分高且先前有收益（损失）的个人，他/她将更倾向于选择较低（较高）的风险和回报，尽管这种影响会受到个人风险状况的影响。最后，理由提示有助于降低一个人追求高风险回报的倾向，无论之前的收益/损失和风险状况如何考虑。关于消费者的金融选择，特别是在动荡的经济环境中，研究结果表明，在做出决策之前提示战略理由可以帮助降低人们选择高风险回报的总体倾向。