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Attitudes toward private and collective risk in individual and strategic choice situations

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Author Info
Brennan, Geoffrey
González, Luis G.
Güth, Werner
Levati, M. Vittoria

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Abstract

Idiosyncratic risk attitudes are usually assumed to be commonly known and related to own payoffs only. However, the alternatives faced by a decision maker often involve risk about others' payoffs as well. Motivated by the importance of other-regarding preferences in social interactions, this paper explores idiosyncratic attitudes toward own and others' risk. We elicit risk attitudes in an experiment involving choices with and without strategic interaction. Regardless of the choice situation, the results do not support any relation between risk attitudes and other-regarding concerns.

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Publisher Info
Article provided by Elsevier in its journal Journal of Economic Behavior & Organization.

Volume (Year): 67 (2008)
Issue (Month): 1 (July)
Pages: 253-262
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Handle: RePEc:eee:jeborg:v:67:y:2008:i:1:p:253-262

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Fischbacher, Urs & Gachter, Simon & Fehr, Ernst, 2001. "Are people conditionally cooperative? Evidence from a public goods experiment," Economics Letters, Elsevier, vol. 71(3), pages 397-404, June. [Downloadable!] (restricted)
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  2. Kirchsteiger, Georg, 1994. "The role of envy in ultimatum games," Journal of Economic Behavior & Organization, Elsevier, vol. 25(3), pages 373-389, December. [Downloadable!] (restricted)
  3. Bolton, Gary E, 1991. "A Comparative Model of Bargaining: Theory and Evidence," American Economic Review, American Economic Association, vol. 81(5), pages 1096-136, December. [Downloadable!] (restricted)
  4. Sugden, Robert, 1984. "Reciprocity: The Supply of Public Goods through Voluntary Contributions," Economic Journal, Royal Economic Society, vol. 94(376), pages 772-87, December. [Downloadable!] (restricted)
  5. Becker, Gary S, 1976. "Altruism, Egoism, and Genetic Fitness: Economics and Sociobiology," Journal of Economic Literature, American Economic Association, vol. 14(3), pages 817-26, September. [Downloadable!] (restricted)
  6. Brennan, Geoffrey, 1973. "Pareto desirable redistribution: the case of malice and envy," Journal of Public Economics, Elsevier, vol. 2(2), pages 173-183, April. [Downloadable!] (restricted)
  7. Ernst Fehr & Klaus M. Schmidt, . "A Theory of Fairness, Competition and Cooperation," IEW - Working Papers iewwp004, Institute for Empirical Research in Economics - IEW. [Downloadable!]
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  8. Gary E. Bolton & Axel Ockenfels, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March. [Downloadable!] (restricted)
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  1. M. Vittoria Levati & Werner Güth & Matteo Ploner, 2005. "On the social dimension of time and risk preferences: An experimental study," Papers on Strategic Interaction 2005-26, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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  2. Annamaria Fiore & M. Vittoria Levati & Andrea Morone, 2006. "Voluntary contributions with imperfect information: An experimental study," Papers on Strategic Interaction 2006-30, Max Planck Institute of Economics, Strategic Interaction Group. [Downloadable!]
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  3. Werner Gueth & M. Vittoria Levati & Matteo Ploner, 2007. "Let Me See You! A Video Experiment on the Social Dimension of Risk Preferences," Jena Economic Research Papers in Economics 2007-005, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek. [Downloadable!]
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