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Reflection Effect Under Different Risk Attitudes

Author

Listed:
  • Vladimír Gazda

    () (Faculty of Economics Technical University of Košice Slovakia)

  • Matúš Kubák

    () (Faculty of Economics Technical University of Košice Slovakia)

  • Marek Gróf

    () (Faculty of Economics Technical University of Košice Slovakia)

  • Karolína Barinková

    () (Faculty of Arts Pavol Jozef Šafárik University of Košice Slovakia)

  • Michaela ŽECOVÁ

    () (Faculty of Economics Technical University of Košice Slovakia)

Abstract

„Reflection effect“ means, that people are risk averse if dealing with profits and risk seeking by challenging losses (Kahneman and Tversky, 1979). The aim of the paper is to find out whether the decisions of the experiment participants differ when dealing with positive and negative prospects by choosing a preferred lottery. Standardized scale (DOSPERT) evaluating the participant willingness to take risk in different domains of life is also considered. An econometric model for predictions of the paired lottery game results depending on the risk characteristics identified within DOSPERT is estimated in the paper.

Suggested Citation

  • Vladimír Gazda & Matúš Kubák & Marek Gróf & Karolína Barinková & Michaela ŽECOVÁ, 2011. "Reflection Effect Under Different Risk Attitudes," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 375-386, november.
  • Handle: RePEc:aic:journl:y:2011:v:58:p:375-386
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    More about this item

    Keywords

    reflection effect; experiment; lottery; risk; DOSPERT (Domain-Specific Risk- Taking) scale;

    JEL classification:

    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Z1 - Other Special Topics - - Cultural Economics

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