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Just Who Are You Calling Risk Averse?

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Author Info
 Isaac, R Mark
James, Duncan

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Abstract

This paper estimates individual risk preferences based upon data that are generated by the same individuals acting in different institutions. The results show that the (estimated) numerical values of individuals' implied risk parameters are not stable within individuals across institutions. Furthermore, the ranking across subjects of the numerical values of individuals' implied risk parameters is not preserved across institutions. Copyright 2000 by Kluwer Academic Publishers

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Publisher Info
Article provided by Springer in its journal Journal of Risk and Uncertainty.

Volume (Year): 20 (2000)
Issue (Month): 2 (March)
Pages: 177-87
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Handle: RePEc:kap:jrisku:v:20:y:2000:i:2:p:177-87

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  1. Jacob K. Goeree & Charles A. Holt & Thomas R. Palfrey, 2000. "Quantal Response Equilibrium and Overbidding in Private-Value Auctions," Virginia Economics Online Papers 345, University of Virginia, Department of Economics. [Downloadable!]
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  2. Daruvala, Dinky, 2006. "Gender, Risk and Stereotypes," Working Papers in Economics 211, Göteborg University, Department of Economics. [Downloadable!]
  3. Jinkwon Lee, 2008. "The effect of the background risk in a simple chance improving decision model," Journal of Risk and Uncertainty, Springer, vol. 36(1), pages 19-41, February. [Downloadable!] (restricted)
  4. Peter Duersch & Maroš Servátka, 2009. "Punishment with Uncertain Outcomes in the Prisoner’s Dilemma," Working Papers in Economics 09/12, University of Canterbury, Department of Economics. [Downloadable!]
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  5. James J. Murphy & John K. Stranlund, 2005. "An Investigation of Voluntary Discovery and Disclosure of Environmental Violations Using Laboratory Experiments," Working Papers 2005-7, University of Massachusetts Amherst, Department of Resource Economics. [Downloadable!]
  6. Richard Engelbrecht-Wiggans & Elena Katok, 2007. "Regret in auctions: theory and evidence," Economic Theory, Springer, vol. 33(1), pages 81-101, October. [Downloadable!] (restricted)
  7. Marco Casari & John C. Ham & John H. Kagel, 2005. "Selection bias, demographic effects, and ability effects in common value auction experiments," Staff Reports 213, Federal Reserve Bank of New York. [Downloadable!]
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  8. Dinky Daruvala, 2007. "Gender, risk and stereotypes," Journal of Risk and Uncertainty, Springer, vol. 35(3), pages 265-283, December. [Downloadable!] (restricted)
  9. Lisa R. Anderson & Jennifer M. Mellor, 2008. "Are Risk Preferences Stable? Comparing an Experimental Measure with a Validated Survey-Based Measure," Working Papers 74, Department of Economics, College of William and Mary. [Downloadable!]
  10. William T. Harbaugh & Kate Krause & Lise Vesterlund, 1999. "Risk attitudes of children and adults: choices over small and large probability gains and losses," University of Oregon Economics Department Working Papers 1999-2, University of Oregon Economics Department. [Downloadable!]
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  11. Wei Lim & Joo Lee-Partridge & Soo Tan, 2008. "Revenue implication of auction value in k-price sealed-bid auctions: An experimental study," Marketing Letters, Springer, vol. 19(1), pages 25-38, March. [Downloadable!] (restricted)
  12. Blanco, Mariana & Engelmann, Dirk & Koch, Alexander K. & Normann, Hans-Theo, 2008. "Belief Elicitation in Experiments: Is there a Hedging Problem?," IZA Discussion Papers 3517, Institute for the Study of Labor (IZA). [Downloadable!]
  13. Duncan James, 2007. "Stability of risk preference parameter estimates within the Becker-DeGroot-Marschak procedure," Experimental Economics, Springer, vol. 10(2), pages 123-141, June. [Downloadable!] (restricted)
  14. R. Mark Isaac & Svetlana Pevnitskaya & Kurt Schnier, 2008. "Individual Behaavior and Bidding Heterogeneity in Sealed Bid Auctions Where the Number of Bidders is Unknown," Working Papers wp2008_07_02, Department of Economics, Florida State University. [Downloadable!]
  15. Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March. [Downloadable!] (restricted)
  16. A. Alexander Elbittar, 2005. "Impact of Valuation Ranking Information on Bidding in First-Price," Microeconomics 0508008, EconWPA. [Downloadable!]
  17. M. Levati & Andrea Morone & Annamaria Fiore, 2009. "Voluntary contributions with imperfect information: An experimental study," Public Choice, Springer, vol. 138(1), pages 199-216, January. [Downloadable!] (restricted)
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  18. Jungmin Lee & Cary Deck & Javier Reyes & Chris Rosen, 2008. "Measuring Risk Attitudes Controlling for Personality Traits," Working Papers 0801, Florida International University, Department of Economics. [Downloadable!]
  19. Claudia Keser & Claude Montmarquette, 2004. "Voluntary Teaming and Effort," CIRANO Working Papers 2004s-49, CIRANO. [Downloadable!]
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  20. Radosveta Ivanova-Stenzel & Timothy C. Salmon, 2004. "Bidder Preferences Among Auction Institutions," Experimental 0404005, EconWPA. [Downloadable!]
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  21. Ronald Bosman & Arno Riedl, 2003. "Emotions and Economic Shocks in a First-Price Auction," Tinbergen Institute Discussion Papers 03-056/1, Tinbergen Institute. [Downloadable!]
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