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People are less risk-averse than economists think

Elminejad, Ali; Havránek, Tomáš; Havránková, Zuzana - 2022

We collect 1,021 estimates from 92 studies that use the consumption Euler equation to measure relative risk aversion and that disentangle it from intertemporal substitution. We show that calibrations of risk aversion are typically larger than estimates thereof. Moreover, reported estimates are...

Persistent link: https://www.econbiz.de/10013270908

Risk and Temptation : A Meta-Study on Social Dilemma Games

Mengel, Friederike - 2016

This paper reports the results of a meta-study of 89 prisoner's dilemma experiments comprising more than 3000 participants across 6 countries. We organize existing evidence and explain seemingly contradictory results in the existing literature by focusing on two dimensions of the dilemma:...

Persistent link: https://www.econbiz.de/10013005696

The Impact of Exposure to Armed Conflict on Risk and Ambiguity Attitudes

Kibris, Arzu; Uler, Neslihan - 2021

We conduct an incentive-compatible lab-in-the-field experiment with a large representative sample to study how exposure … on a natural experiment in Turkey created by the military institutions and the long running civil conflict in the country …

Persistent link: https://www.econbiz.de/10013230631

Can Risk-Taking Preferences Be Modified? Some Experimental Evidence

Booth, Alison L.; Nolen, Patrick - 2021

We summarise our two sets of controlled experiments designed to see if single-sex classes within coeducational environments modify students’ risk-taking attitudes. In Booth and Nolen (2012b), subjects are in years 10 and 11, while in Booth, Cardona-Sosa and Nolen (2014), they are first-year...

Persistent link: https://www.econbiz.de/10013315609

Measuring price risk aversion through indirect utility functions : a laboratory experiment

Zeytoon-Nejad, Ali - In: Games 13 (2022) 4, pp. 1-43

prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper … experiment using a series of relevant statistical tests. This study uses the multiple price list (MPL) method, which has been one …

Persistent link: https://www.econbiz.de/10013368182

HIV/AIDS, risk aversion and intertemporal choice

Lammers, Judith; Wijnbergen, Sweder van - 2008 - Rev.

This study analyses the relation between perceived health status and intertemporal choice. We use data from experiments with real monetary rewards conduEted among students in South Africa to estimate risk and time preferences. These experimental data, based on muitiple price lists developed by...

Persistent link: https://www.econbiz.de/10011373818

Abraham Wald's Complete Class Theorem and Knightian Uncertainty

Kuzmics, Christoph - 2017

I study the implications of Abraham Wald's (1947) complete class theorem for decision making under Knightian uncertainty (or ambiguity). Suppose we call someone who uses Wald's approach to statistical decision making a Waldian. A Waldian may then have preferences over acts that are not in...

Persistent link: https://www.econbiz.de/10012972129

Inferring Preferences from Choices Under Uncertainty

Kuzmics, Christoph - 2012

If a decision maker, in a world of uncertainty a la Anscombe and Aumann (1963), can choose acts according to some objective probability distribution (by throwing dice for instance) from any given set of acts, then there is no set of acts that allows an experimenter to test more than the Axiom of...

Persistent link: https://www.econbiz.de/10014171994

Quasi-rational R&D behavior in an environment with fundamental uncertainty

Dimmig, Anne-Kathrin; Erlei, Mathias - 2012 - First Version: August 2012

uncertainty. We designed a multi-period experiment in which each period consisted of two stages, an R&D phase and a pricing stage …. Participants in the experiment had almost no information about the underlying functions, parameters, and probabilities. Subjects …' behavior in the fundamentally uncertain environment of our experiment may best be characterized as some kind of procedural …

Persistent link: https://www.econbiz.de/10010481420

Social risk effects : the "experience of social risk" factor

Diekert, Florian; Goeschl, Timo; König-Kersting, Christian - 2021

Anticipating "social risk", or risk caused by humans, affects decision-making differently from anticipating natural risk. Drawing upon a large sample of the US population (n=3,982), we show that the phenomenon generalizes to risk experience. Experiencing adverse outcomes caused by another human...

Persistent link: https://www.econbiz.de/10012598407