Non-instrumental information has limited effects on bet size in risky decisions

Abstract

Recent research has suggested that the availability of non-instrumental information about the outcome of a risky choice increases risk appetite. In this study, we aimed to perform a conceptual replication of these findings and to examine the cognitive mechanisms underlying this effect. Across two experiments (N = 150, 102), we presented participants with mathematically fair gambles and allowed them to choose the size of their bet. Between trials, we varied the presence of non-instrumental information that would reveal the outcome ahead of time. In both experiments, we did not find consistent evidence for an effect of the availability of non-instrumental information on bet size. These findings suggest that the previously reported effects of non-instrumental information on risk appetite may have been an idiosyncratic feature of experimental design, rather than a more general phenomenon that characterises human decision making under risk.