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Financial Surrogate Decision Making: Lessons from Applied Experimental Philosophy

Published online by Cambridge University Press:  20 September 2016

Adam Feltz
Adam Feltz*
Affiliation:
Michigan Technological University (USA)
*
*Correspondence concerning this article should be addressed to Adam Feltz. Michigan Technological University. Cognitive and Learning Sciences. 1400. Townsend Dr. Houghton Michigan. 49931. Michigan (USA). E-mail: [email protected]
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Abstract

An estimated 1 in 4 elderly Americans need a surrogate to make decisions at least once in their lives. With an aging population, that number is almost certainly going to increase. This paper focuses on financial surrogate decision making. To illustrate some of the empirical and moral implications associated with financial surrogate decision making, two experiments suggest that default choice settings can predictably influence some surrogate financial decision making. Experiment 1 suggested that when making hypothetical financial decisions, surrogates tended to stay with default settings (OR = 4.37, 95% CI 1.52, 12.48). Experiment 2 replicated and extended this finding suggesting that in a different context (OR = 2.27, 95% CI 1.1, 4.65). Experiment 2 also suggested that those who were more numerate were less likely to be influenced by default settings than the less numerate, but only when the decision is whether to “opt in” (p = .05). These data highlight the importance of a recent debate about “nudging.” Defaults are common methods to nudge people to make desirable choices while allowing the liberty to choose otherwise. Some of the ethics of using default settings to nudge surrogate decision makers are discussed.

Keywords

autonomydecision makingethicsnudgingsurrogate
Type
Research Article
Information
The Spanish Journal of Psychology , Volume 19 , 2016 , E56
Copyright
Copyright © Universidad Complutense de Madrid and Colegio Oficial de Psicólogos de Madrid 2016 

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