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Gender differences in attitudes towards risk and ambiguity: when psycho-physiological measurements contradict sex-based stereotypes

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  • Gianni Brighetti
  • Caterina Lucarelli

Abstract

This paper investigates gender differences in behaviour under uncertainty, as this personal condition influences entrepreneurship. We explore risk taking attitude and ambiguity aversion used in economic decisions on a sample of 645 individuals. We collect objective measurements of risk/ambiguity aversion from a psycho-physiological task, and we gather self-assessments of individual risk tolerance from a verbatim questionnaire. Our findings show no statistical gender difference when risk/ambiguity attitudes originate from the psycho-physiological task. Conversely, self-evaluated risk tolerance indicates that women define themselves as risk averse, whereas men define themselves as risk lovers. These differences are statistically significant and persist in a multivariate framework, excluding an indirect effect due to education, self-esteem, wealth, impulsivity, and other controls. This supports the concept that self-assessed risk attitude originates from an overall (wrong) social construct. Women evaluate themselves coherently with this sex-based stereotype and end up reinforcing the social idea of their inferior attitude to assume risks.

Suggested Citation

  • Gianni Brighetti & Caterina Lucarelli, 2015. "Gender differences in attitudes towards risk and ambiguity: when psycho-physiological measurements contradict sex-based stereotypes," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 24(1), pages 62-82.
    • Handle: RePEc:ids:ijesbu:v:24:y:2015:i:1:p:62-82
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    Cited by:

    1. Ruining Jin & Tam-Tri Le & Thu-Trang Vuong & Thi-Phuong Nguyen & Giang Hoang & Minh-Hoang Nguyen & Quan-Hoang Vuong, 2023. "A Gender Study of Food Stress and Implications for International Students Acculturation," World, MDPI, vol. 4(1), pages 1-15, January.
    2. Pallavi Dogra & Arun Kaushal & Prateek Kalia, 2024. "What drives the investment intentions of emerging economy millennials? Examining the effect of financial advertisement with the PLS-SEM," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 29(2), pages 276-291, June.
    3. Marinelli, Nicoletta & Mazzoli, Camilla & Palmucci, Fabrizio, 2017. "How does gender really affect investment behavior?," Economics Letters, Elsevier, vol. 151(C), pages 58-61.

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