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The role of intuition and reasoning in driving aversion to risk and ambiguity
Butler, Jeff; Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2011
Using a large sample of retail investors as well as experimental data we find that risk and ambiguity aversion are positively correlated. We show the common link is decision style: intuitive thinkers tolerate more risk and ambiguity than effortful reasoners. One interpretation is that intuitive...
Persistent link: https://www.econbiz.de/10008915807
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Manipulating Reliance on Intuition Reduces Risk and Ambiguity Aversion
Butler, Jeffrey V.; Guiso, Luigi; Jappelli, Tullio - Centro Studi di Economia e Finanza (CSEF) - 2013
Prior research suggests that those who rely on intuition rather than effortful reasoning when making decisions are less averse to risk and ambiguity. The evidence is largely correlational, however, leaving open the question of the direction of causality. In this paper, we present experimental...
Persistent link: https://www.econbiz.de/10010801000
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Manipulating reliance on intuition reduces risk and ambiguity aversion
Butler, Jeffrey V.; Guiso, Luigi; Jappelli, Tullio - Center for Financial Studies - 2013
Prior research suggests that those who rely on intuition rather than effortful reasoning when making decisions are less averse to risk and ambiguity. The evidence is largely correlational, however, leaving open the question of the direction of causality. In this paper, we present experimental...
Persistent link: https://www.econbiz.de/10010958753
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Time Varying Risk Aversion
Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2013
We use a repeated survey of an Italian bank’s clients to test whether investors’ risk aversion increases following the 2008 financial crisis. We find that both a qualitative and a quantitative measure of risk aversion increases substantially after the crisis. After considering standard...
Persistent link: https://www.econbiz.de/10011083461
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Manipulating Reliance on Intuition Reduces Risk and Ambiguity Aversion.
Butler, Jeff; Guiso, Luigi; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2013
Prior research suggests that those who rely on intuition rather than effortful reasoning when making decisions are less averse to risk and ambiguity. The evidence is largely correlational, however, leaving open the question of the direction of causality. In this paper, we present experimental...
Persistent link: https://www.econbiz.de/10011083555
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Risk Aversion, Wealth and Background Risk
Paiella, Monica; Guiso, Luigi - Society for Economic Dynamics - SED - 2004
We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay to buy a risky security. We relate this measure to consumers' endowment and attributes and to measures of background risk and liquidity constraints. We...
Persistent link: https://www.econbiz.de/10004970351
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Risk Aversion, Wealth and Background Risk
Guiso, Luigi; Paiella, Monica - C.E.P.R. Discussion Papers - 2001
We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay to enter a lottery. We relate this measure to consumers' endowment and attributes and to measures of background risk. We find that risk aversion is a...
Persistent link: https://www.econbiz.de/10005791378
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The Role of Risk Aversion in Predicting Individual Behaviours
Guiso, Luigi; Paiella, Monica - C.E.P.R. Discussion Papers - 2004
consumer is willing to pay to buy a risky asset. We relate this measure to a set of consumers’ decisions that in theory should … consistent with theory. We also use this indicator to address the importance of self-selection when relating indicators of risk …
Persistent link: https://www.econbiz.de/10005123824
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Matching Firms, Managers, and Incentives
Bandiera, Oriana; Guiso, Luigi; Prat, Andrea; Sadun, … - C.E.P.R. Discussion Papers - 2009
We provide evidence on the match between firms, managers and incentives using a new survey designed for this purpose. The survey contains information on a sample of executives' risk preferences and human capital, on the explicit and implicit incentives they face and on the firms they work for....
Persistent link: https://www.econbiz.de/10005662350
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What drives women out of entrepreneurship? The joint role of testosterone and culture
Guiso, Luigi; Rustichini, Aldo - C.E.P.R. Discussion Papers - 2011
entrepreneurship so that only women with well above average entrepreneurial skills find it attractive to self-select into … entrepreneurship. This finding can rationalize three facts: a) fewer women than men are entrepreneurs; b) the proportion of women among … entrepreneurs tends to be higher in countries with higher women emancipation; c) women who break the barrier into entrepreneurship …
Persistent link: https://www.econbiz.de/10008854553