For financial decision-making, people trade off the expected value (return) and the variance (risk) of an option, preferring higher returns to lower ones and lower risks to higher ones. To make decision-makers indifferent between a risky and risk-free option, the expected value of the risky option must exceed the value of the risk-free option by a certain amount—the risk premium. Previous psychological research suggests that similar to risk aversion, people dislike inconsistency in an interaction partner’s behavior. In eight experiments (total N = 2,412) we pitted this inconsistency aversion against the expected returns from interacting with an inconsistent partner. We identified the additional expected return of interacting with an inconsistent partner that must be granted to make decision-makers prefer a more profitable, but inconsistent partner to a consistent, but less profitable one. We locate this inconsistency premium at around 31% of the expected value of the risk-free option.

对于财务决策，人们权衡期权的期望值（回报）和方差（风险），偏好高回报而不是低回报，低风险而不是高回报。为了使决策者对风险期权和无风险期权无动于衷，风险期权的期望值必须超过无风险期权的价值一定的量——风险溢价。先前的心理学研究表明，与风险厌恶相似，人们不喜欢互动伙伴行为的不一致。在八次实验中（总N= 2,412）我们将这种不一致的厌恶与与不一致的合作伙伴互动的预期回报进行了对比。我们确定了与不一致的合作伙伴互动的额外预期回报，必须授予决策者更喜欢利润更高但不一致的合作伙伴，而不是一致但利润较低的合作伙伴。我们将这种不一致溢价定位在无风险期权预期价值的 31% 左右。