|
EconStor >
Max-Planck-Institut für Ökonomik, Jena >
Jena Economic Research Papers, MPI für Ökonomik >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/31706
|
| | |
Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Qiu, Jianying | | en_US |
| dc.contributor.author | | Steiger, Eva-Maria | | en_US |
| dc.date.accessioned | | 2009-02-18 | | en_US |
| dc.date.accessioned | | 2010-05-14T11:12:01Z | | - |
| dc.date.available | | 2010-05-14T11:12:01Z | | - |
| dc.date.issued | | 2009 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/31706 | | - |
| dc.description.abstract | | In 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.iso | | eng | | en_US |
| dc.publisher | | Universität Jena und Max-Planck-Institut für Ökonomik Jena | | en_US |
| dc.relation.ispartofseries | | Jena economic research papers 2009,006 | | en_US |
| dc.subject.jel | | C91 | | en_US |
| dc.subject.jel | | D81 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Risk attitudes | | en_US |
| dc.subject.keyword | | cumulative prospect theory | | en_US |
| dc.subject.keyword | | experimental study | | en_US |
| dc.subject.stw | | Risikopräferenz | | en_US |
| dc.subject.stw | | Erwartungsnutzen | | en_US |
| dc.subject.stw | | Prospect Theory | | en_US |
| dc.subject.stw | | Test | | en_US |
| dc.title | | Relating the two dimensions of risk attitudes: an experimental analysis | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 59199626X | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | - |
| Appears in Collections: | | Jena Economic Research Papers, MPI für Ökonomik
|
| Files in This Item:
| |
|
| No. of Downloads:
| |
| last Month |
last 3 Month |
total |
|
|
|
|
|
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.
|