Jonathan Levav and Jennifer J . Argo Physical Contact and Financial Risk Taking

We show that minimal physical contact can increase people’s sense of security and consequently lead them to increased risktaking behavior. In three experiments, with both hypothetical and real payoffs, a female experimenter’s light, comforting pat on the shoulder led participants to greater financial risk taking. Further, this effect was both mediated and moderated by feelings of security in both male and female participants. Finally, we established the boundary conditions for the impact of physical contact on risk-taking behaviors by demonstrating that the effect does not occur when the touching is performed by a male and is attenuated when the touch consists of a handshake. The results suggest that subtle physical contact can be strongly influential in decision making and the willingness to accept risk.