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Prospect Theory around the World

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    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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    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
    Contact details of provider: 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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