Are Risk-Attitudes Related across Domains and Response Modes?

Are Risk-Attitudes Related across Domains and Response Modes?

This paper examines experimentally the nature of people's risk-attitudes across different payoff domains and response modes. Only simple gambles are examined, entailing just two monetary outcomes. The main issue of interest is to what extent risk-preferences in one domain or response mode predi...

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Veröffentlicht in:Management Science. - Institute for Operations Research and the Management Sciences, 1954. - 36(1990), 12, Seite 1451-1463
Format: Online-Aufsatz
Sprache:English
Veröffentlicht: 1990
Zugriff auf das übergeordnete Werk:Management Science
Schlagworte:Risk-Attitude Expected Utility Theory Response Mode Effects Behavioral sciences Economics Philosophy Business Mathematics Applied sciences
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520 |a This paper examines experimentally the nature of people's risk-attitudes across different payoff domains and response modes. Only simple gambles are examined, entailing just two monetary outcomes. The main issue of interest is to what extent risk-preferences in one domain or response mode predict anything (beyond chance) about risk-preferences in another domain or mode. Three domains are examined: gain, mixed and loss. The three response modes used are certainty equivalence (CE), probability equivalence (PE) and outcome equivalence (OE) judgments. In general, weak associations were found among ordinal risk-preferences within-subjects across domains, especially with respect to losses. To make the parametric responses (i.e., the CE, PE and OE judgments) comparable across domains and subjects, linear as well as utility-based risk-measures were examined. In the gain and loss domains, the linear risk-premia measures exhibited higher CE-PE correlations (within domain) than the utility-based measures. Using a multitrait-multimethod comparison, the highest correlations were found within domains across response modes. The main findings are (1) strong risk-aversion for gain and mixed gambles, (2) risk-seeking for symmetric loss gambles, although less pronounced, (3) low correlation of risk-preferences within subjects across domains, (4) high convergent validity of response methods within domain, and (5) increased risk-aversion for loss (but not gain) gambles when using real payoffs. 
540 |a Copyright 1990 The Institute of Management Sciences 
650 4 |a Risk-Attitude 
650 4 |a Expected Utility Theory 
650 4 |a Response Mode Effects 
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650 4 |a Economics  |x Microeconomics  |x Economic utility  |x Expected utility 
650 4 |a Philosophy  |x Logic  |x Logical topics  |x Formal logic  |x Mathematical logic  |x Denotational semantics  |x Mathematical linearity  |x Nonlinearity 
650 4 |a Business  |x Business engineering  |x Business risks 
650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Finance  |x Financial analysis  |x Risk management  |x Risk preferences 
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650 4 |a Economics  |x Economic disciplines  |x Financial economics  |x Insurance  |x Insurance claims  |x Claims adjustment 
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