Trustworthy faces make people more risk‐tolerant: The effect of facial trustworthiness on risk decision‐making under gain and loss conditions

People can judge a stranger's trustworthiness at first glance solely based on facial appearance. Moreover, the trust behaviors people exhibit toward strangers differ depending on perceived trustworthiness from faces. Research has found that people have different risk preferences according to the gain or loss frame. Therefore, we hypothesized that the risk decisions are differently affected by facial trustworthiness in different frames. We conducted three experiments in which we asked participants to make risk decisions in the gain frame or loss frame. The results revealed that facial trustworthiness had a significant effect on risk decisions in the gain frame. However, the effect was attenuated in the loss frame. These results suggest that people are more willing to take risks in the gain frame if individuals look more trustworthy than those who look untrustworthy.