New peer-reviewed research indicates that dog owners are more inclined to take risks, while cat owners exhibit more caution in their decisions. This study, co-authored by marketing professors Xiaojing Yang, Yuwei Jiang, and myself, explores the correlation between pet ownership and risk-taking behavior.
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The study stemmed from personal observations of my own pets. My dog, Midoo, shows eagerness in social situations, while my cat, Mipom, reacts with suspicion to strangers. This led me to question whether their temperaments influenced my behavior and decision-making.
In our first set of studies, we analyzed pet ownership data across U.S. states alongside risk-taking indicators. Notably, we found that states with a larger proportion of dog owners, like North Dakota, reported higher rates of COVID-19 infections in 2020 compared to states with more cat owners, such as Vermont. While we controlled for political preferences and other variables, it is important to note that our findings reflect a correlation rather than causation. The higher COVID-19 cases among dog owners could stem from their willingness to engage in riskier behaviors or increased outdoor activity with their pets.
To gather individual-level data, we conducted an online survey involving 145 pet owners, divided into dog and cat owners. Participants were given an imaginary $2,000 to invest in either a risky stock fund or a safer mutual fund. Of the participants, 53% were dog owners, who were more inclined to invest in stocks and allocated a larger amount to riskier options than cat owners.
In further studies, we examined the impact of pets on investment behavior. In one experiment, 225 individuals were shown ads featuring either a cat or a dog before allocating their imaginary investment. Results indicated that those exposed to dog images invested more in stocks.
Additionally, a study involving 283 undergraduate students highlighted how pet recall influenced bidding behavior based on ad types. Students who remembered interacting with dogs placed higher bids when presented with ads focused on rewards, whereas those recalling cats responded more favorably to risk-averse messaging.
This research suggests that the temperaments traditionally associated with dogs and cats influence human behavior and decision-making processes. With 70% of U.S. households owning pets—50% having at least one dog and 40% with a cat—our findings may underscore the nuanced ways pets affect our lives.
Future research will explore further implications of pet ownership on social behaviors, such as willingness to engage in conspicuous consumption and charitable donations.