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    <title>EconStor Collection:</title>
    <link>https://hdl.handle.net/10419/66904</link>
    <description />
    <pubDate>Tue, 28 Apr 2026 10:08:02 GMT</pubDate>
    <dc:date>2026-04-28T10:08:02Z</dc:date>
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      <title>Risk taking for oneself and others: A structural model approach</title>
      <link>https://hdl.handle.net/10419/106817</link>
      <description>Title: Risk taking for oneself and others: A structural model approach
Authors: Vieider, Ferdinand M.; Villegas-Palacio, Clara; Martinsson, Peter; Mejía, Milagros
Abstract: We examine situations in which a decision maker decides for another person as well as herself under conditions of payoff equality, and compare such decisions under responsibility to individual decisions. Estimating a structural model we find that responsibility leaves utility curvature unaffected, but accentuates the subjective distortion of very small and very large probabilities for both gains and losses. This results in an accentuation of prospect theory's four-fold pattern of risk preferences under responsibility. In addition, we also find that responsibility reduces loss aversion according to some common definitions of the latter. These results serve to reconcile some of the still largely contradictory findings in the literature on decisions for oneself and others under payoff equality.</description>
      <pubDate>Thu, 01 Jan 2015 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/106817</guid>
      <dc:date>2015-01-01T00:00:00Z</dc:date>
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    <item>
      <title>Measuring risk preferences in rural Ethiopia: Risk tolerance and exogenous income proxies</title>
      <link>https://hdl.handle.net/10419/103425</link>
      <description>Title: Measuring risk preferences in rural Ethiopia: Risk tolerance and exogenous income proxies
Authors: Vieider, Ferdinand M.; Beyene, Abebe; Bluffstone, Randall; Dissanayake, Sahan; Gebreegziabher, Zenebe; Martinsson, Peter; Mekonnen, Alemu
Abstract: Risk aversion has generally been found to decrease in income or wealth. This may lead one to expect that poor countries will be more risk averse than rich countries. Recent comparative findings with students, however, suggest the opposite, giving rise to a riskincome paradox. We test this paradox by measuring the risk preferences of over 500 household heads spread over the highlands of Ethiopia. We do so using certainty equivalents, which have rarely been used in developing countries, but permit us to relate the findings to a host of evidence from the West. We find high degrees of risk tolerance, in agreement with the student comparisons finding higher risk tolerance in poorer countries. We also find risk tolerance to increase in income proxies, thus completing the paradox. We thereby use income proxies that can be considered as exogenous, allowing us to conclude that at least part of the causality must run from income to risk tolerance. We furthermore provide extensive methodological discussions on measuring and estimating risk preferences in development settings.</description>
      <pubDate>Wed, 01 Jan 2014 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/103425</guid>
      <dc:date>2014-01-01T00:00:00Z</dc:date>
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    <item>
      <title>Separating attitudes towards money from attitudes towards probabilities: Stake effects and ambiguity as a test for prospect theory</title>
      <link>https://hdl.handle.net/10419/83653</link>
      <description>Title: Separating attitudes towards money from attitudes towards probabilities: Stake effects and ambiguity as a test for prospect theory
Authors: Vieider, Ferdinand M.; Cingl, Lubomír; Martinsson, Peter; Stojic, Hrvoje
Abstract: Prospect theory (PT) is the dominant descriptive theory of decision making under risk today. For the modeling of choices, PT relies on a psychologically founded separation of risk attitudes into attitudes towards outcomes, captured in a value function; and attitudes towards probabilities, captured in a probability weighting function. However, while it is theoretically sound, it is unclear whether this clear separation is reflected in actual choices. To test this, we designed two experiments. In the first experiment, we elicit the value and probability weighting functions both under known and unknown probabilities. The results support PT and show that the value function is unaffected by the nature of the probabilities, which only affects probability weighting. More in general, this finding supports theories that represent ambiguity attitudes through probability transformations rather than utility transformations. In the second experiment, we examine the effects of an increase in stakes on risk attitudes. We find that the stake increase is not reflected in the value function, but rather in the weighting function, thus contradicting PT's prediction.</description>
      <pubDate>Tue, 01 Jan 2013 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/83653</guid>
      <dc:date>2013-01-01T00:00:00Z</dc:date>
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    <item>
      <title>Risk preferences and development revisited: A field experiment in Vietnam</title>
      <link>https://hdl.handle.net/10419/86143</link>
      <description>Title: Risk preferences and development revisited: A field experiment in Vietnam
Authors: Vieider, Ferdinand M.; Truong, Nghi; Martinsson, Peter; Pham Khanh Nam; Martinsson, Peter
Abstract: We obtain rich measures of risk preferences of poor farmers in Vietnam, and estimate structural models that capture risk preferences over different probability levels and across different domains (gains and losses). The results break radically with the previous literature on risk preferences, in developed and developing countries alike. Far from being particularly risk averse, our Vietnamese farmers are on average risk neutral. At the same time, we find our preference measures to perform well at predicting behavior, from the purchase of lottery tickets to risk management on the farm. We also find strong direct evidence of a risk-income paradox. While risk aversion is strongly decreasing in income within our farmer subject population, our Vietnamese farmers are significantly less risk averse than subjects in Western countries according to measurements obtained using the same decision tasks and procedures.</description>
      <pubDate>Tue, 01 Jan 2013 00:00:00 GMT</pubDate>
      <guid isPermaLink="false">https://hdl.handle.net/10419/86143</guid>
      <dc:date>2013-01-01T00:00:00Z</dc:date>
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