Am I my peer's keeper? Social responsibility in financial decision making / Sascha Füllbrunn and Wolfgang J. Luhan
VerfasserFüllbrunn, Sascha In der Gemeinsamen Normdatei der DNB nachschlagen ; Luhan, Wolfgang J. In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBochum [u.a.] : RWI, 2015
Umfang38 S. : Ill.
SerieRuhr economic papers ; 551
SchlagwörterVermögensverwaltung In Wikipedia suchen nach Vermögensverwaltung / Entscheidungstheorie In Wikipedia suchen nach Entscheidungstheorie / Risikoaversion In Wikipedia suchen nach Risikoaversion / Dritter In Wikipedia suchen nach Dritter / Soziale Verantwortung In Wikipedia suchen nach Soziale Verantwortung / Experiment In Wikipedia suchen nach Experiment / Sozialpsychologie In Wikipedia suchen nach Sozialpsychologie / Online-Publikation In Wikipedia suchen nach Online-Publikation
URNurn:nbn:de:hbz:6:2-47848 Persistent Identifier (URN)
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Am I my peer's keeper? Social responsibility in financial decision making [1.37 mb]

Decision makers often take risky decisions on the behalf of others rather than for themselves. Competing theoretical models predict both, higher as well as lower levels of risk aversion when taking risk for others, and the experimental evidence is mixed. In our within-subject design, money managers have substantial responsibility by taking investment decisions for themselves and for a group of six clients, when payments are either fixed or perfectly aligned. We find that money managers invest significantly less for others than for themselves (cautious shift) which is mainly driven by a less risk averse sub sample. Digging deeper we find money managers to rather act in line with what they believe the clients would invest for themselves. We derive a responsibility weighting function to show that with a perfectly aligned payment the money manager weights egoistic and social preferences. Finally we bring our results in perspective with the mixed experimental literature.