Higher order risk attitudes and prevention under different timings of loss

Material type: 文書・図像類

Author: Masuda, Takehitoほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2018-06-25

Material Format: Paper

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Note (General)：: This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an ex...

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Paper

Material Type: 文書・図像類
Title: Higher order risk attitudes and prevention under different timings of loss
Author/Editor: Masuda, Takehito
Lee, Eungik
Author Heading: Masuda, Takehito
https://nrid.nii.ac.jp/nrid/1000080725060
Lee, Eungik
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2018-06-25
Publication Date (W3CDTF): 2018-06-25
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1034
Volume: 1034
Pages: 1-29
Text Language Code: eng
Subject Heading: Higher order risk attitudes
Prudence
Prevention
Timing of loss
Probability weighting
Target Audience: 一般
Note (General): This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an income exists in a future (the same) period. Motivated by these predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude elicitation and make a self-protection decision. In contrast to expected utility theory, the observed efforts are less than the risk neutral level, regardless of the timing of loss. This violation of expected utility predictions could be explained by probability weighting.
References (URI): URI
http://www.iser.osaka-u.ac.jp/library/dp/2018/DP1034.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華