Article2002

Linking Measured Risk Aversion to Individual Characteristics

Joop Hartog · Ada Ferrer-i-carbonell A · Nicole Jonker

546 citations0/0 files storedKyklos

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Decision-Making and Behavioral Economics Economic and Environmental Valuation Experimental Behavioral Economics Studies

Abstract

From the stated price of a specified lottery in three unrelated surveys we deduce individuals’ Arrow‐Pratt measure of risk aversion. We find that risk aversion indeed falls with income and wealth. Entrepreneurs are less risk averse than employees, civil servants are more risk averse than private sector employees, and women are more risk averse than men. A simple lottery question appears a promising survey instrument to explore risk attitude and its relation to personal characteristics.

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References

2020Individual Decision Making 2000Prospect Theory: An Analysis of Decision under Risk

Cited by

2009Gender Differences in Preferences 2008The Economics and Psychology of Personality Traits 2008The economics and psychology of personality traits 2005The importance of faith: Tax morale and religiosity 2011New Perspectives on Gender 2007Estimating risk attitudes in Denmark: A Field Experiment 2013Household Finance: An Emerging Field 2014Risk Preferences Around the World

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