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http://hdl.handle.net/10419/49688
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| Title: | | Small-scale changes in wealth and attitudes towards risk  |
| Authors: | | Sousa, Sergio |
| Issue Date: | | 2010 |
| Series/Report no.: | | CeDEx discussion paper series 2010-11 |
| Abstract: | | This paper reports on an experiment designed to examine the effects of small-scale changes in wealth on risk attitudes. We find that the money given prior to risky choices does not induce a change of subjects' risk preferences. This result supports a key assumption in a recent literature over calibration critique of decision theories. Furthermore, as the money given to subjects in our experiment is administered in between risky tasks and framed as a reward rather than a windfall gain, our result suggests that experimental findings reporting that a prior monetary gain induces individuals to take more risks (housemoney effect) may be more sensitive to prior experience with the riskriskelicitation task or framing of the money than previously thought. |
| Subjects: | | risk aversion wealth effects risk-elicitation house-money effect narrow framing |
| JEL: | | C91 D01 D81 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CeDEx Discussion Paper Series, The University of Nottingham
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