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Prospect Theory around the World

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Author Info

  • Rieger, Marc Oliver

    ()
    (Dept. IV, Business Administration, University of Trier)

  • Wang, Mei

    ()
    (WHU - Otto Beisheim School of Management)

  • Hens, Thorsten

    ()
    (Department of Banking and Finance, University of Zurich)

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    Abstract

    We present results from the first large-scale international survey on risk preferences, conducted in 45 countries. We show substantial cross-country differences in risk aversion, loss aversion and probability weighting. Moreover, risk attitudes in our sample depend not only on economic conditions, but also on cultural factors, as measured by the Hofstede dimensions Individuality and Uncertainty Avoidance. The presented data might also serve as an interesting starting point for further research in cultural economics.

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    Bibliographic Info

    Paper provided by Department of Business and Management Science, Norwegian School of Economics in its series Discussion Papers with number 2011/19.

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    Length: 36 pages
    Date of creation: 31 Oct 2011
    Date of revision:
    Handle: RePEc:hhs:nhhfms:2011_019

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    Postal: NHH, Department of Business and Management Science, Helleveien 30, N-5045 Bergen, Norway
    Phone: +47 55 95 92 93
    Fax: +47 55 95 96 50
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    Web page: http://www.nhh.no/en/research-faculty/department-of-business-and-management-science.aspx
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    Related research

    Keywords: Risk preferences; prospect theory; cross-cultural comparison;

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    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Risk preferences are heterogeneous across countries
      by Economic Logician in Economic Logic on 2012-02-21 15:20:00
    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:
    1. Breuer, Wolfgang & Rieger, M. Oliver & Soypak, K. Can, 2014. "The behavioral foundations of corporate dividend policy a cross-country analysis," Journal of Banking & Finance, Elsevier, vol. 42(C), pages 247-265.
    2. Rau, Holger A., 2014. "The disposition effect and loss aversion: Do gender differences matter?," Economics Letters, Elsevier, vol. 123(1), pages 33-36.

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    1. Economic Logic blog

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