Culture and Individual Judgment and Decision Making
Elke U. Weber
Columbia Business School - Management & Psychology
Christopher K. Hsee
University of Chicago - Booth School of Business
Journal of Applied Psychology, Vol. 49, pp. 32-61, 2000
In the last two decades, much has been published on the topic of culture and cross-cultural psychology and much on the topic of judgment and decision making (J/DM). However, only a few researchers have examined the intersection of the two areas. In this article, we review this body of research. Our focus is on the four particular J/DM topics that have been studied cross-culturally: Probability judgment, risk perception, risk preference, and modes of decision making. Our review reveals an encouraging trend in cross-cultural J/DM research - a shift from merely describing national differences in overt behavior to cultural perceptions or values. To reinforce this trend, we recommend that future cross-culture J/DM research be more model-based (i.e. testing for the causal effect of independent variables shown to differ between cultures rather than simply describing group differences) and adopt a mosaic-building approach in its data collection (i.e. using multiple methodologies and seeking converging evidence to support or reject any model).
Number of Pages in PDF File: 30
Keywords: risk perception, risk attitude, culture, chinese
JEL Classification: D81, D11, D12, D91
Date posted: May 24, 2008
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