Prospect theory or construal level theory? Diminishing sensitivity vs. psychological distance in risky decisions [Dataset]https://doi.org/10.11588/data/10040Trautmann, Stefan T.Van de Kuilen, GijsheiDATA2015-03-022017-04-06T06:47:27ZAttitudes toward risks are central to organizational decisions. These attitudes are commonly modeled by prospect theory. Construal level theory has been proposed as an alternative theory of risky choice, accounting for psychological distance deriving from temporal, spatial and social aspects of risk that are typical of agency situations. Unnoticed in the literature, the two theories make contradicting predictions. The current study investigates which theory provides a better description of risky decisions in the presence of temporal, spatial, and social factors. We find that the psychophysical effects modeled by prospect theory dominate the psychological distance effects of construal level theory.Social Sciencesrisklosspsychological distanceagencyTrautmann, S. T. and G. van de Kuilen (2012). Prospect Theory or Construal Level Theory? Diminishing Sensitivity vs. Psychological Distance in Risky Decisions. Acta Psychologica 139, 254–260., doi, 10.1016/j.actpsy.2011.08.006, http://dx.doi.org/10.1016/j.actpsy.2011.08.00620122015-02-27behavioral experiment; laboratoryNetherlandsLicensed under a <a href='http://creativecommons.org/licenses/by/4.0/'>Creative Commons Attribution 4.0 International License.  <img src='https://i.creativecommons.org/l/by/4.0/80x15.png' alt='CC by' /></a>We would like to make these data and instrcutions material freely available. People using the data should cite the data/publication.