Assessing Individual Risk Attitudes Using Field Data From Lottery Games
Assessing Individual Risk Attitudes Using Field Data From Lottery Games
复制标题
使用彩票游戏的现场数据评估个人风险态度
DOI：
10.1162/rest.2003.85.1.218
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发表时间：
2003
影响因子：
8
通讯作者：
Robert H. Battalio
中科院分区：
文献类型：
--
作者：
C. Fullenkamp;Rafael Tenorio;Robert H. Battalio
我们使用美国保证平均收益最高的电视游戏节目《胡西尔·百万富翁》中的信息来分析一个高风险实验中的冒险行为。我们在关于参赛者行为和偏好的另一种假设下对赌博决策进行了表征，并在此基础上得出了对个人风险态度的可测试限制。然后，我们使用一个广泛的赌博决策样本来估计符合理论限制和揭示的偏好的风险厌恶参数的分布。我们发现，尽管大多数参赛者表现出厌恶风险的偏好，但我们估计的风险厌恶程度因不同决策所涉及的赌注而有很大不同。
We use information from the television game show with the highest guaranteed average payoff in the United States, Hoosier Millionaire, to analyze risktaking in a high-stakes experiment. We characterize gambling decisions under alternative assumptions about contestant behavior and preferences, and derive testable restrictions on individual risk attitudes based on this characterization. We then use an extensive sample of gambling decisions to estimate distributions of risk-aversion parameters consistent with the theoretical restrictions and revealed preferences. We find that although most contestants display risk-averse preferences, the extent of the risk aversion implied by our estimates varies substantially with the stakes involved in the different decisions.