EXPLORING THE CONSISTENCY OF HIGHER ORDER RISK PREFERENCES
EXPLORING THE CONSISTENCY OF HIGHER ORDER RISK PREFERENCES
复制标题
DOI：
10.1111/iere.12424
复制
发表时间：
2020-01-11
影响因子：
1.5
通讯作者：
Mayrhofer, Thomas
中科院分区：
文献类型：
--
作者：
Haering, Alexander;Heinrich, Timo;Mayrhofer, Thomas
本研究测量高阶风险偏好及其一致性。我们探讨了国家差异的作用，赌注的变化，和彩票的框架。我们在中国、美国和德国观察到一个强大的二分选择行为模式。大多数选择都与混合风险厌恶或混合风险偏好行为相一致。我们在赌注增加10倍后也发现了这种模式。最后，我们的研究结果表明，这种模式得到加强，如果彩票显示在复合而不是减少的形式。在后续研究中，我们探讨了这种框架效应的潜在解释。
This study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are consistent with mixed risk aversion or mixed risk-loving behavior. We also find this pattern after a 10-fold increase in the stakes. Finally, our results reveal that this pattern is strengthened if the lotteries are displayed in compound instead of reduced form. In a follow-up study, we explore potential explanations for this framing effect.