The Role of Risk Aversion in Morality

Abstract

Moral decision-making is increasingly salient amid global political and economic instability. Although past research has examined moral reasoning and situational influences, less is known about the psychological mechanisms and individual differences shaping moral choices. From an evolutionary perspective, morality promotes long-term cooperative benefits over short-term self-interest, yet some individuals still prioritise immediate personal gain. This thesis investigates how morality relates to self-regulation constructs (e.g., risk propensity, impulsivity, fear) and identifies distinct moral and amoral subgroups.

Three aims guided the research: (1) systematically evaluate moral decision-making measures for individual differences research; (2) examine associations between morality, risk propensity, and related traits; and (3) classify subgroups based on these variables. Across one systematic review and two empirical studies (Total N = 942 Australian adults), three key findings emerged. First, there is no unified theory of moral decision-making, and most measures were not designed to assess stable individual differences. Second, within a cooperative morality framework, two pro-cooperative moral factors (individual- and collective-focused) and one anti-cooperative amoral factor were identified, with the amoral factor strongly linked to risk propensity. Third, latent profile analyses consistently revealed two stable subgroups—moral risk-averse and amoral risk-seeking—plus a third group whose characteristics appear more situationally driven.

These findings clarify the interplay between morality and risk, highlight subgroup heterogeneity, and underscore the need to tailor interventions to specific moral profiles. The thesis advances theoretical understanding of moral decision-making and offers practical implications for predicting and influencing moral behaviour across contexts.