Risk taking in the domain of losses: experiments in several countries

Abstract

This paper presents an experimental investigation of risk taking in the domain of losses. The experiments were conducted with students in several universities whilst introducing the rudiments of expected utility theory and risk behaviour. The results are partly compatible with expected utility theory, assuming an inflection point in the utility function over losses. They also show similarities in the risk perception of students across different countries, i.e. a useful validation of human behaviour in an international context.

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