Keep Up with the Winners: Experimental Evidence on Risk Taking, Asset Integration, and Peer Effects
Keep Up with the Winners: Experimental Evidence on Risk Taking, Asset Integration, and Peer Effects
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DOI：
10.1016/j.euroecorev.2015.07.001
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发表时间：
2013-11
期刊：
影响因子：
--
通讯作者：
M. Fafchamps;B. Kebede;D. Zizzo
中科院分区：
文献类型：
--
作者：
M. Fafchamps;B. Kebede;D. Zizzo
本文报道了一个关于资产整合和风险承担的实验博弈的结果。我们发现了一些证据表明，前几轮的奖金会影响随后几轮的风险承担，但没有证据表明实验之外的真实的生活财富会影响风险承担。控制过去的奖金，参与者在一轮中获得较低的捐赠，参与更多的风险承担。我们测试了一个“与邻居保持同步”的假设，发现受试者试图跟上赢家，尽管不一定是平均收入。总的来说，证据表明，风险承担跟踪受社会比较影响的参考点。
The paper reports the result of an experimental game on asset integration and risk taking. We find some evidence that winnings in earlier rounds affect risk taking in subsequent rounds, but no evidence that real life wealth outside the experiment affects risk taking. Controlling for past winnings, participants receiving a low endowment in a round engage in more risk taking. We test a ‘keeping-up-with-the-Joneses’ hypothesis and find that subjects seek to keep up with winners, though not necessarily with average earnings. Overall, the evidence suggests that risk taking tracks a reference point affected by social comparisons.