Experiments on Risk Attitude: The Case of Chinese Students
Experiments on Risk Attitude: The Case of Chinese Students
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DOI：
10.2139/ssrn.912334
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发表时间：
2006-06
期刊：
影响因子：
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通讯作者：
Y. Tsutsui;Shunichiro Sasaki;F. Ohtake;J. Qin;Shiyu Xie
中科院分区：
文献类型：
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作者：
Y. Tsutsui;Shunichiro Sasaki;F. Ohtake;J. Qin;Shiyu Xie
本文通过彩票买卖实验考察了中国学生的风险态度。我们发现，在购买实验中，受试者比在出售实验中更厌恶风险，这表明了禀赋效应。在销售实验中，当获胜概率低时，受试者是风险爱好者，当获胜概率高时，受试者是风险厌恶者，而在购买实验中，受试者是风险厌恶者。使用实验中赢得的奖金作为财富的衡量标准，我们发现绝对风险厌恶度下降。实验中被试的风险态度解释了他们的风险资产持有行为。
This paper examines Chinese students' risk attitude using buying and selling experiments with lotteries. We found that subjects were more risk averse in the buying experiment than in the selling experiment, suggesting the endowment effect. In the selling experiment, subjects were risk loving when there was a low win probability and risk averse with a high win probability, whereas they were risk averse in the buying experiment. Using the prize money won during the experiment as a measure of wealth, we found decreasing absolute risk aversion. Subjects' risk attitude as revealed in the experiments explains their risky asset holding behavior.