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dc.contributor.authorBooij, Adam S.en
dc.contributor.authorvan Praag, Bernard M. S.en
dc.contributor.authorvan de Kuilen, Gijsen
dc.date.accessioned2009-05-06-
dc.date.accessioned2010-07-07T11:53:57Z-
dc.date.available2010-07-07T11:53:57Z-
dc.date.issued2009-
dc.identifier.piurn:nbn:de:101:1-20090513140en
dc.identifier.urihttp://hdl.handle.net/10419/35614-
dc.description.abstractThis paper presents the results of an experiment that completely measures the utility function and probability weighting function for different positive and negative monetary outcomes, using a representative sample of N = 1935 from the general public. The results confirm earlier findings in the lab, suggesting that utility is less pronounced than what is found in classical measurements where expected utility is assumed. Utility for losses is found to be convex, consistent with diminishing sensitivity, and the obtained loss aversion coefficient of 1.6 is moderate but in agreement with contemporary evidence. The estimated probability weighing functions have an inverse-S shape and they imply pessimism in both domains. These results show that probability weighting is also an important phenomenon in the general population. Women and lower educated individuals are found to be more risk averse, in agreement with common findings. Unlike previous studies that ascribed gender differences in risk attitudes solely to differences in the degree utility curvature, however, our results show that this finding is primarily driven by loss aversion and, for women, also by a more pessimistic psychological response towards the probability of obtaining the best possible outcome.en
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x4117en
dc.subject.jelD81en
dc.subject.jelC91en
dc.subject.jelC93en
dc.subject.ddc330en
dc.subject.keywordProspect theoryen
dc.subject.keywordutility for gains and lossesen
dc.subject.keywordloss aversionen
dc.subject.keywordsubjective probability weightingen
dc.subject.stwProspect Theoryen
dc.subject.stwErwartungsnutzenen
dc.subject.stwRisikopräferenzen
dc.subject.stwTesten
dc.subject.stwGeschlechten
dc.subject.stwBildungsniveauen
dc.titleA parametric analysis of prospect theory's functionals for the general population-
dc.type|aWorking Paperen
dc.identifier.ppn599231874en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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