Risky but alluring: Severe COVID-19 pandemic influence increases risk taking

Area of Science:

• Psychology
• Behavioral Economics
• Public Health

Background:

• The COVID-19 pandemic significantly altered daily life globally.
• Understanding its psychological impact on decision-making is crucial.

Purpose of the Study:

• To investigate the influence of the COVID-19 pandemic on individuals' general risk attitudes.
• To identify psychological factors mediating this relationship.

Main Methods:

• Four studies were conducted with U.S. online workers and Canadian university students.
• Data collection involved assessing pandemic severity, risk-taking, boredom, and perceived benefits.
• Two studies were preregistered to ensure methodological rigor.

Main Results:

• Individuals severely affected by the pandemic exhibited higher risk-taking across various activities.
• Elevated boredom levels and increased perceived benefits of risk-taking were identified as key mediators.
• Alternative explanations such as risk perception, income, and employment status were ruled out.

Conclusions:

• The COVID-19 pandemic has lasting psychological consequences, affecting risk-taking behavior.
• Findings highlight the role of boredom and perceived benefits in decision-making under risk.
• Results inform potential policy interventions aimed at mitigating negative psychological effects.