Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/195176 
Year of Publication: 
2019
Series/Report no.: 
SOEPpapers on Multidisciplinary Panel Data Research No. 1026
Publisher: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Abstract: 
We show that the disposition to focus on favorable or unfavorable outcomes of risky situations affects willingness to take risk as measured by the general risk question. We demonstrate that this disposition, which we call risk conception, is strongly associated with optimism, a stable facet of personality, and that it predicts real-life risk taking. The general risk question captures this disposition alongside pure risk preference. This likely contributes to the predictive power of the general risk question across domains. Our results also rationalize why risk taking is related to optimism.
Subjects: 
risk taking behavior
optimism
preference measure
risk conception
JEL: 
D91
C91
D81
D01
Document Type: 
Working Paper

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