An endowment effect for risk levels: Evidence from a Ugandan lab
An endowment effect for risk levels: Evidence from a Ugandan lab
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DOI：
10.1016/j.jebo.2020.12.013
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发表时间：
2021-01-12
影响因子：
2.2
通讯作者：
Verschoor, Arjan
中科院分区：
文献类型：
--
作者：
Clist, Paul;D'Exelle, Ben;Verschoor, Arjan
高风险的选择往往有一个自然的起点。例如，保险型决策关注的是降低风险，而投资型决策关注的是增加风险。最近一个依赖参考的实用模型预测，这种参考会影响行为。随机参考起到了天赋的作用，风险更高的参考导致了更高风险的选择。我们在乌干达农村地区使用受试者之间的设计在相同的选择集上测试了这一预测。受试者被巧妙地分配到三个参考彩票中的一个。平均而言，那些拥有风险更高的捐赠基金的人，面临的风险是多出0.5个标准差的硬币。我们还考虑了引入一个新的随机参考的影响。在受试者内部的第二轮测试中，我们测试了社交信号是否起到了相互竞争的参考作用。在我们的实验中，关于同伴选择的信息比最初的治疗效果具有更强的拉动作用。平均而言，受试者对社会信号的趋同程度为每单位差异0.37。以前的研究侧重于风险的不存在或存在，允许参照或前景不退化。我们的结果允许两者都包含风险因素，并表明天赋效应可以在风险水平上发挥作用：风险选择受到参考的风险程度的影响。(C)2020年提交人(S)。由爱思唯尔出版。这是一篇基于CC by License(http://creativecommons.org/licenses/by/4.0/))的开放获取文章
Risky choices often have a natural starting-point. For example, insurance-type decisions concern reducing risk while investment-type decisions concern increasing it. A recent reference-dependent utility model predicts such references influence behaviour. Stochastic references act as endowments, with riskier references leading to riskier choices. We test this prediction in an identical choice set using a between-subject design in rural Uganda. Subjects are subtly assigned to one of three reference lotteries. On average, those with riskier endowments risk half a standard deviation more coins. We also consider the effect of introducing a new stochastic reference. In a within-subject second round, we test whether a social signal acts as a competing reference. In our experiment, information on peers' choices is a stronger pull than the initial treatment effect. On average, subjects converge to the social signal by 0.37 for each unit of difference. Previous research focuses on the absence or presence of risk, allowing either the reference or prospect to be non degenerate. Our results allow both to contain an element of risk, and show that the endowment effect can operate on the level of risk: risky choice is influenced by the riskiness of the reference. (c) 2020 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/)