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SOEPpapers on Multidisciplinary Panel Data Research, DIW >
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http://hdl.handle.net/10419/62341
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| Title: | | Does good advice come cheap? On the assessment of risk preferences in the lab and in the field  |
| Authors: | | Leuermann, Andrea Roth, Benjamin |
| Issue Date: | | 2012 |
| Series/Report no.: | | SOEPpapers on Multidisciplinary Panel Data Research 475 |
| Abstract: | | Advice is important for decision making, especially in the financial sector. We investigate how individuals assess risk preferences of others given sociodemographic information or pictures. Both non-professionals and financial professionals participate in this artefactual field experiment. Subjects mainly rely on the other's self-assessment of risk preferences and on gender when forming the belief about someone else's risk preferences. On average, subjects consider themselves to be more risk-tolerant than the person they evaluate. Subjects use their own risk attitude as a reference point for predicting others' risk preferences. This false consensus effect is less pronounced for young professionals than for senior and non-professionals. Furthermore, financial professionals predict risk preferences more accurately compared to non-professionals. |
| Subjects: | | risk preferences financial advice artefactual field experiment behavioral finance |
| JEL: | | C91 D81 G02 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des DIW SOEPpapers on Multidisciplinary Panel Data Research, DIW
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