COVID-19 Enhanced Diminishing Sensitivity in Prospect-Theory Risk Preferences : A Panel Analysis

Material type: 文書・図像類

Author: Ikeda, Shinsukeほか

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

Publication date: 2020-10

Material Format: Paper

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Note (General)：: Based on unique panel data from a five-wave internet survey in Japan, we show how the coronavirus disease 2019 pandemic affected people’s prospect-the...

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Paper

Material Type: 文書・図像類
Title: COVID-19 Enhanced Diminishing Sensitivity in Prospect-Theory Risk Preferences : A Panel Analysis
Author/Editor: Ikeda, Shinsuke
Yamamura, Eiji
Tsutsui, Yoshiro
Author Heading: Ikeda, Shinsuke
https://nrid.nii.ac.jp/nrid/1000070184421
Yamamura, Eiji
https://nrid.nii.ac.jp/nrid/1000020368971
Tsutsui, Yoshiro
https://nrid.nii.ac.jp/nrid/1000050163845
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2020-10
Publication Date (W3CDTF): 2020-10
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1106
Volume: 1106
Pages: 1-25
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: COVID-19
prospect theory
risk
value function
probability weighting function
Target Audience: 一般
Note (General): Based on unique panel data from a five-wave internet survey in Japan, we show how the coronavirus disease 2019 pandemic affected people’s prospect-theory risk preferences, especially in the loss domain. The panel analysis indicates that with the spread of the pandemic, diminishing sensitivity becomes stronger for the participants’ value and probability weighting functions. Thus, due to the pandemic, (i) people become less sensitive to an increase in losses and feel less pain due to losses, especially large ones; and (ii) they become more pessimistic towards tail loss risks, and more optimistic towards non-tail loss risks. One implication is that people have become less cautious of the risks of suffering large non-tail losses, which might retard the recovery of society.
References (URI): http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1106.pdf
URI
http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1106.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