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Two experiments tested whether the risky-shift phenomenon is mediated by the cultural value of risk and by the knowledge of the specific preferences of others. As the risk-as-value hypothesis predicts, a significant risky shift was found only for subjects who perceived themselves to be at least as risky as their peers. However, a significant risky shift occurred even in discussion groups when subjects could not reveal their preferred risk levels. The implication of this finding to the risk-as-value hypothesis is discussed.