No evidence of risk aversion or foreign language effects in incentivized verbal probability gambles

Abstract Risk aversion—the preference for certainty over potential gains or losses—is reduced when using a foreign language. We investigated 2 mechanisms for this foreign language effect using incentivized gambles with verbal probability expressions: (1) that people perceive prospects of winning as larger when a decision is made in their foreign language; (2) that people experience reduced negative affect toward risk in a foreign language. In Experiment 1, N = 229 proficient Polish–English bilinguals, using ungridded slider, assigned numerical values to 29 verbal probability expressions in both languages. We found small bidirectional differences in 13 of them, leading us to reject the first mechanism. In Experiment 2, N = 281 participants gambled in incentivized neutral expected value lotteries using a sample of the verbal probability expressions from Experiment 1. Participants gambled in either their native or foreign language, where participants could either accept around 50% of gambles (debiased to risk-neutral) or more than 50% (biased to risk-seeking). Surprisingly, we observed no significant risk aversion in either language condition, with participants’ gambling behavior close to 50% in both cases. The finding that participants showed no risk aversion in native language condition meant we could not test whether foreign language reduces risk aversion. However, this result did show that using a foreign language does not promote excessive risk-taking. Our findings suggest that using verbal probability expressions does not bias participants’ responses, and may inherently reduce risk aversion.