ON THE ROBUSTNESS OF HIGHER ORDER RISK PREFERENCES
ON THE ROBUSTNESS OF HIGHER ORDER RISK PREFERENCES
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DOI：
10.1111/jori.12217
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发表时间：
2018-06-01
影响因子：
1.9
通讯作者：
Schlesinger, Harris
中科院分区：
文献类型：
--
作者：
Deck, Cary;Schlesinger, Harris
经济学家已经开始认识到高阶风险偏好在各种情况下所起的作用。因此，一些实验记录了实验对象表现出的谨慎、节制的程度，以及在较小程度上表现出的急躁和温和。最近，研究人员认为，高阶风险偏好通常符合混合风险厌恶和混合风险偏好模式，这两种模式分别来自于对分解或聚集伤害的偏好。本文从三个方面考察了这种模式的健壮性。首先，它试图用复合彩票直接复制之前的结果，而不是货币结果。其次，比较了复合彩票和简化彩票的行为。第三，它评估货币和非货币风险的选择。虽然之前的结果可以复制到复合彩票的货币结果上，并且简化形式的彩票的总体行为具有类似的模式，但个人显然对复合和简化形式的彩票有不同的看法。此外，货币和非货币结果之间的行为是不同的。
Economists have begun to recognize the role that higher order risk preferences play in a variety of settings. As such, several experiments have documented the degree of prudence, temperance, and, to a lesser extent, edginess and bentness that laboratory subjects exhibit. More recently, researchers have argued that higher order risk preferences generally conform to mixed risk-averse and mixed risk-loving patterns that arise from a preference for disaggregating or aggregating harms, respectively. This article examines the robustness of this pattern in three ways. First, it attempts to directly replicate previous results with compound lotteries over monetary outcomes. Second, it compares behavior in compound lotteries with behavior in reduced-form lotteries. And third, it evaluates choices over monetary and nonmonetary risks. While previous results are replicated for compound lotteries over monetary outcomes and aggregate behavior with reduced-form lotteries has a similar pattern, individuals clearly treat compound and reduced-form lotteries differently. Further, behavior differs between monetary and nonmonetary outcomes.