Exploring the relationship between mask-wearing and risk preference, evidence from lab experiments
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A growing literature has addressed the impact of mask-wearing on people’s social interaction, mental health, and physical health. However, the potential relationship between mask-wearing and people’s risk preference has not been extensively studied in the current literature. We hypothesize that mask wearing can temporarily make people more prevention-focused, and in this mode, people are more cautious and risk- averse to avoid negative outcomes. To test our hypothesis, we conducted multiple sessions of lab experiments on 117 students in Cornell University. The experiment involves risk elicitation methods and the Regulatory Focus Scale. We found weak evidence that participants in the treatment are more risk seeking than the control, which is contrary to our initial assumption. We reflected on the potential limitations of the experiment and the behavioral models, discussed the possibility and reasoning of the alternative assumption, and synthesized relevant literature that might support our contradictory finding.
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