Titelaufnahme

Titel
Higher-order risk preferences in social settings / an experimental analysis
VerfasserHeinrich, Timo In der Gemeinsamen Normdatei der DNB nachschlagen ; Mayrhofer, Thomas In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBochum : RWI, 2014
Umfang36 S. : graph. Darst.
SerieRuhr economic papers ; 508
URNurn:nbn:de:hbz:6:2-42676 Persistent Identifier (URN)
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Higher-order risk preferences in social settings [0.34 mb]
Zusammenfassung

We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings. Previous experimental studies have shown that higherorder risk preferences affect the choices of individuals deciding privately on lotteries that only affect their own pay-off . Yet, most risky and financially relevant decisions in the field are made in the social settings of households or organizations. We aim to narrow the gap between laboratory and field evidence by creating a more realistic decision making environment in the laboratory that allows us to identify the infl uence of diff erent social settings under controlled conditions. We elicit higher-order risk preferences of individuals and systematically vary how an individual's decision is made (alone or while communicating with a partner) and who is affected by the decision (only the individual or the partner as well). In doing so, we can isolate the effects of other-regarding concerns and communication on choices. We observe that individuals become more risk-averse when the partner is able to communicate with the decision maker. However, we do not observe an influence of social settings on prudence and temperance. Our results reveal that the majority of choices are risk-averse, prudent, and temperate across social settings.

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