Higher order risk attitudes and prevention under different timings of loss
Higher order risk attitudes and prevention under different timings of loss
复制标题
不同损失时机下的高阶风险态度与防范
DOI：
10.1007/s10683-018-9588-x
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发表时间：
2018
影响因子：
2.3
通讯作者：
Lee Eungik
中科院分区：
文献类型：
--
作者：
Masuda Takehito;Lee Eungik
本文提供了高阶风险态度（尤其是谨慎）在预防行为中的作用的实验证据。在预期效用框架下，与风险中性水平相比，当在未来（同一）时期存在失去部分收入的风险时，审慎会增加（减少）自我保护努力。在这些对审慎性进行精确测试的预测的推动下，设计了一个实验，让受试者经历更高阶的风险态度引出，并做出自我保护的决定。与期望效用理论相反，无论损失的时间如何，观察到的努力都小于风险中性水平。这种对预期效用预测的违背可以用概率加权来解释。
This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an income exists in a future (the same) period. Motivated by these predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude elicitation and make a self-protection decision. In contrast to the expected utility theory, the observed efforts are less than the risk neutral level, regardless of the timing of loss. This violation of expected utility predictions can be explained by probability weighting.