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Individual Risk Propensity and Risk Background

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Author Info

  • April Bernard
  • Osaretin Iyare
  • Winston Moore

Abstract

The paper considers the role that socio-psychological and socio-cultural factors play in individual decisions to take risk. The study employs four main measures of risk propensity: the mean probability of engaging in an investment, insurance or everyday gamble and the amount that would be invested in a hypothetical lottery. The study finds that gender had a significant influence on the probability of engaging in investment and everyday risk decisions, but a relatively insignificant impact on insurance decisions. The most important risk background variables were experience in making gambling decisions and confidence in making investment decisions. Similar results are obtained when the lottery-type measure of risk was employed.

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Bibliographic Info

Article provided by University of Buckingham Press in its journal Journal of Gambling Business and Economics.

Volume (Year): 2 (2008)
Issue (Month): 3 (December)
Pages: 53-70

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Handle: RePEc:buc:jgbeco:v:2:y:2008:i:3:p:53-70

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Related research

Keywords: RISK PROPENSITY; BACKGROUND; PERCEPTIONS;

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References

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  1. Quiggin, J. & Kelsey, D., 1991. "Theories of Choice Under Ignorance and Uncertainty," Discussion Papers 91-17, Department of Economics, University of Birmingham.
  2. Renate Schubert, 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, vol. 89(2), pages 381-385, May.
  3. Terrance Odean, 1998. "Volume, Volatility, Price, and Profit When All Traders Are Above Average," Journal of Finance, American Finance Association, vol. 53(6), pages 1887-1934, December.
  4. Conlisk, John, 1993. " The Utility of Gambling," Journal of Risk and Uncertainty, Springer, vol. 6(3), pages 255-75, June.
  5. Terrance Odean, 1998. "Volume, Volatility, Price and Profit When All Traders Are Above Average," Finance 9803001, EconWPA.
  6. Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
  7. Ann-Renée Blais & Elke U. Weber, 2006. "A Domain-Specific Risk-Taking (DOSPERT) scale for adult populations," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 1, pages 33-47, July.
  8. Ann-Renée Blais & Elke U. Weber, 2006. "A Domain-Specific Risk-Taking (DOSPERT)Scale for Adult Populations," CIRANO Working Papers 2006s-24, CIRANO.
  9. Garbarino, Ellen & Strahilevitz, Michal, 2004. "Gender differences in the perceived risk of buying online and the effects of receiving a site recommendation," Journal of Business Research, Elsevier, vol. 57(7), pages 768-775, July.
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