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dc.contributor.authorQiu, Jianyingen_US
dc.contributor.authorSteiger, Eva-Mariaen_US
dc.date.accessioned2009-02-18en_US
dc.date.accessioned2010-05-14T11:12:01Z-
dc.date.available2010-05-14T11:12:01Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/31706-
dc.description.abstractIn the framework of expected utility theory, risk attitudes are entirely captured by the curvature of the utility function. In cumulative prospect theory (CPT) risk attitudes have an additional dimension: the weighting of probabilities. With this modification, one question arises naturally: since both utility and probability weight-ing determine the attitude towards risk, what is the relation between them? We ran a controlled laboratory experiment to answer this question. Our findings suggest that the two dimensions capture different characteristics of individual risk attitude. Though individuals who are risk averse in one dimension are likely to be risk averse in the other, the two dimensions show no significant correlation. Moreover, a significant proportion of subjects are risk averse in one dimension but risk seeking in the other.en_US
dc.language.isoengen_US
dc.publisherUniversität Jena und Max-Planck-Institut für Ökonomik Jenaen_US
dc.relation.ispartofseriesJena economic research papers 2009,006en_US
dc.subject.jelC91en_US
dc.subject.jelD81en_US
dc.subject.ddc330en_US
dc.subject.keywordRisk attitudesen_US
dc.subject.keywordcumulative prospect theoryen_US
dc.subject.keywordexperimental studyen_US
dc.subject.stwRisikopräferenzen_US
dc.subject.stwErwartungsnutzenen_US
dc.subject.stwProspect Theoryen_US
dc.subject.stwTesten_US
dc.titleRelating the two dimensions of risk attitudes: an experimental analysisen_US
dc.typeWorking Paperen_US
dc.identifier.ppn59199626Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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