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Stereotypes and Risk Attitudes: Evidence from the Lab and the Field

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  • Leuermann, Andrea
  • Roth, Benjamin
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    Abstract

    Recent studies have found correlations between risk attitudes and several sociodemographic characteristics. In this paper, we deploy an artefactual fi eld experiment and study whether subjects - non-professionals and financial professionals - are aware of these correlations. This is largely confi rmed by our results for all subject groups. We show that the subjects attach informational value to sociodemographic information when assessing others' risk attitudes. This provides external validity to the correlations found between risk preferences and sociodemographics. A person's self-assessment of risk attitudes is the most helpful device for the subjects' assessments of others, although experienced professionals make use of it to a minor extent than all other subjects.

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    Bibliographic Info

    Paper provided by University of Heidelberg, Department of Economics in its series Working Papers with number 0533.

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    Date of creation: 03 Aug 2012
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    Handle: RePEc:awi:wpaper:0533

    Note: This paper is part of http://archiv.ub.uni-heidelberg.de/volltextserver/view/schriftenreihen/sr-3.html
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    Related research

    Keywords: Risk Preferences; Financial Advice; Artefactual Field Experiment; Behavioral Finance;

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    1. Steffen Andersen & Glenn Harrison & Morten Lau & E. Rutström, 2009. "Elicitation using multiple price list formats," Experimental Economics, Springer, vol. 12(3), pages 365-366, September.
    2. Christian Belzil & Marco Leonardi, 2006. "Can Risk Aversion Explain Schooling Attainments? Evidence From Italy," Post-Print halshs-00142551, HAL.
    3. Thomas DeLeire & Helen Levy, 2004. "Worker Sorting and the Risk of Death on the Job," Journal of Labor Economics, University of Chicago Press, vol. 22(4), pages 925-954, October.
    4. Jonathan Alevy & Michael Haigh & John List, 2005. "Information cascades: Evidence from a field experiment with financial market professionals," Framed Field Experiments 00116, The Field Experiments Website.
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