Gender, financial risk, and probability weights
Gender, financial risk, and probability weights
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DOI：
10.1007/s11238-005-4590-0
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发表时间：
2006-05-01
影响因子：
0.8
通讯作者：
Schubert, R
中科院分区：
文献类型：
--
作者：
Fehr-Duda, H;De Gennaro, M;Schubert, R
在财务决策中，女性通常被认为比男性更厌恶风险。在本文中，我们通过金钱激励的实验室实验来检验这种刻板印象是否反映了实际冒险行为中的性别差异。承担风险的性别差异可能是由于对结果的评估或概率权重的差异造成的。我们的实验结果表明，男性和女性的价值函数没有显着差异。然而，男性和女性的概率加权方案有所不同。一般来说，女性对概率变化不太敏感。她们还比男性更容易低估收益的大概率。当决策以投资术语为框架时，这种影响尤其明显。因此，在特定情况下，女性似乎比男性更厌恶风险。
Women are commonly stereotyped as more risk averse than men in financial decision making. In this paper we examine whether this stereotype reflects gender differences in actual risk-taking behavior by means of a laboratory experiment with monetary incentives. Gender differences in risk taking may be due to differences in valuations of outcomes or in probability weights. The results of our experiment indicate that value functions do not differ significantly between men and women. Men and women differ in their probability weighting schemes, however. In general, women tend to be less sensitive to probability changes. They also tend to underestimate large probabilities of gains more strongly than do men. This effect is particularly pronounced when the decisions are framed in investment terms. As a result, women appear to be more risk averse than men in specific circumstances.