EXPLORING THE CONSISTENCY OF HIGHER ORDER RISK PREFERENCES

This study measures higher order risk preferences and their consistency. We explore the role of country differences, the variation of stakes, and the framing of lotteries. We observe a robust dichotomous pattern of choice behavior in China, the United States, and Germany. The majority of choices are...

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Bibliographic details
Volume: 61
Main Author: Haering, Alexander
Heinrich, Timo
Mayrhofer, Thomas
Format: Journal Article
Language: English
Zielgruppe: Academic
Place of publication: HOBOKEN WILEY 01.02.2020
Wiley Subscription Services, Inc
published in: International economic review (Philadelphia) Vol. 61; no. 1; pp. 283 - 320
Data of publication: February 2020
ISSN: 0020-6598
1468-2354
EISSN: 1468-2354
Discipline: Economics
Bibliography: We thank the co‐editor Masaki Aoyagi and two anonymous referees for very helpful comments. We are also grateful to Han Bleichrodt, Jeannette Brosig‐Koch, Louis Eeckhoudt, Glenn Harrison, Heike Hennig‐Schmidt, Zwetelina Iliewa, Johanna Kokot, Gijs van de Kuilen, Isabel Marcin, Peter Martinsson, Sonja Opper, Richard Peter, Hendrik Schmitz, Jan Siebert, Stefan Traub, Stefan Trautmann, and Toshio Yamagishi for their valuable feedback. We have also benefited from the comments of seminar participants at the Ruhr University Bochum, the Helmut Schmidt University Hamburg, IE Business School Madrid, and the University of Paderborn, as well as those of conference participants at the GfeW Annual Meeting 2015 in Hamburg, the CEAR/MRIC Behavioral Insurance Workshop 2015 in Atlanta, the Experimental Finance conference 2016 in Mannheim, the FUR conference 2016 at the University of Warwick, the INFORMS Annual Meeting 2016 in Nashville, the 6th ACCER International Workshop 2017 in Duisburg, the Tagung des Sozialwissenschaftlichen Ausschusses 2018 in Essen, and the International ESA Meeting 2018 in Berlin. Furthermore, we thank Christine E. Looser, Haiying Qin, Weijing Le, Chaoliang Yang, and Guanzhong Yang for their support in organizing the experiments. Constantin Carstens, Johanna Rosebrock, Franziska Then, and Stephanie Zimmer provided excellent research assistance. Financial support from the BMBF through the IN‐EAST School of Advanced Studies (Grant No. 01UC1304) is gratefully acknowledged.
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Database: Social Sciences Citation Index
Web of Science - Social Sciences Citation Index – 2020
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