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Higher Order Risk Preferences In Social Settings
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Book Synopsis Higher-Order Risk Preferences in Social Settings by : Timo Heinrich
Download or read book Higher-Order Risk Preferences in Social Settings written by Timo Heinrich and published by . This book was released on 2015 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study higher-order risk preferences, i.e. prudence and temperance, next to risk aversion in social settings. Previous experimental studies have shown that higher-order risk preferences affect the choices of individuals deciding privately on lotteries that only affect their own pay-off. Yet, most risky and financially relevant decisions in the field are made in the social settings of households or organizations. We aim to narrow the gap between laboratory and field evidence by creating a more realistic decision making environment in the laboratory that allows us to identify the influence of different social settings under controlled conditions. We elicit higher-order risk preferences of individuals and systematically vary how an individual's decision is made (alone or while communicating with a partner) and who is affected by the decision (only the individual or the partner as well). In doing so, we can isolate the effects of other-regarding concerns and communication on choices. We observe that individuals become more risk-averse when the partner is able to communicate with the decision maker. However, we do not observe an influence of social settings on prudence and temperance. Our results reveal that the majority of choices are risk-averse, prudent, and temperate across social settings.
Book Synopsis Higher-order Risk Preferences in Social Settings by : Timo Heinrich
Download or read book Higher-order Risk Preferences in Social Settings written by Timo Heinrich and published by . This book was released on 2014 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Higher-order Risk Preferences by : Stefan Felder
Download or read book Higher-order Risk Preferences written by Stefan Felder and published by . This book was released on 2011 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Higher Order Risk Preferences by : Sebastian O. Schneider
Download or read book Higher Order Risk Preferences written by Sebastian O. Schneider and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a novel method to elicit and measure higher order risk preferences (prudence and temperance) in an experiment with 658 adolescents. In line with theoretical predictions, we find that higher order risk preferences particularly prudence are strongly related to adolescents' field behavior, including their financial decision making, eco-friendly behavior, and health status, including addictive behavior. Most importantly, we show that dropping prudence and temperance from the analysis of students' field behavior would yield largely misleading conclusions about the relation of risk aversion to these domains of field behavior. Thus our paper puts previous work that ignored higher order risk preferences into an encompassing perspective and clarifies which orders of risk preferences can help understand field behavior of adolescents.
Book Synopsis Consistency of Higher Order Risk Preferences by : Cary A. Deck
Download or read book Consistency of Higher Order Risk Preferences written by Cary A. Deck and published by . This book was released on 2012 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reflection for Higher Order Risk Preferences by : Han Bleichrodt
Download or read book Reflection for Higher Order Risk Preferences written by Han Bleichrodt and published by . This book was released on 2018 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Higher order risk preferences are important determinants of economic behavior. We apply behavioral insights to this topic: we measure higher order risk preferences for pure gains and pure losses by controlling the reference point. We find a reflection effect not only for second order risk preferences, as in Kahneman and Tversky 1979, but also for higher order risk preferences: we find risk aversion, prudence and intemperance for gains, but risk loving preferences, imprudence and temperance for losses. The risk aversion and intemperance for gains and the imprudence for losses is evidence against a preference for combining good with bad or good with good, which previous theoretical and empirical results suggest may underlie higher order risk preferences.
Book Synopsis On the Robustness of Higher Order Risk Preferences by : Cary A. Deck
Download or read book On the Robustness of Higher Order Risk Preferences written by Cary A. Deck and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis New Insight on the Relationship Between Higher-Order Risk Aversion Attitudes by : Hongxia Wang
Download or read book New Insight on the Relationship Between Higher-Order Risk Aversion Attitudes written by Hongxia Wang and published by . This book was released on 2015 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work examines the relationships between higher-order risk aversion attitudes. We illustrate the meaning of "bounded marginal utility" in the whole real-value space. Under this assumption, we further demonstrate that prudence can not only imply risk aversion, but also risk seeking; and we show that temperance implies risk aversion. More generally, the positive n-th derivative of utility function may mean that the agent displays "even risk loving" up to n. Moreover, we find that prudence or higher-order risk aversion attitude over the whole real-value space implies "one-switch preference". The meaning of our results for analyzing the preference of risk changes and the optimal precautionary saving is also provided.
Book Synopsis Social Influence on Risky Decision Making by : Kesha Patel
Download or read book Social Influence on Risky Decision Making written by Kesha Patel and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are people’s risk preferences influenced by the preferences of others they interact with or observe? Traditionally, decision preferences were conceptualized as a stable, dispositional trait. However, recent research has demonstrated that there is a degree of malleability in preferences, with social influence having a particularly potent impact. To better understand the extent of social influence on risky decision-making, a mixed-study design was carried out that involved participants making a series of hypothetical monetary choices between smaller-certain and larger-risky rewards. Participants completed three blocks of the risky-choice task: (1) the pre- exposure block where choices were made without any social information, (2) the exposure block where participants observed the choice of a social other after each trial, and (3) the post-exposure block where participants once again made choices without any social information. Moreover, the preferences of the social other during the exposure block were experimentally manipulated to be the choices of either a risk-averse decision-maker or a risk-tolerant decision-maker. Two individual difference measures (social comparison orientation, decisional conflict) were also completed prior to the social exposure to investigate if some people are more susceptible to social influence than others. The results indicated that exposure to social information did impact participants’ risk preferences. Specifically, whereas the two experimental conditions did not differ during the pre-exposure block, participants in the risk-tolerant social condition exhibited a significantly higher preference for risky rewards during the post-exposure block compared to the risk-averse social condition. Post-hoc analyses indicated that this difference between the two experimental conditions was driven by participants in the risk-tolerant condition significantly increasing their risky choices following the social exposure. For participants in the risk-averse social condition, although risky choices were reduced following the exposure block, this change did not reach statistical significance. The individual difference analyses found that those who scored higher for decisional conflict were more likely to adjust their risk preferences following the social exposure. In contrast, there was no significant relationship between general social comparison tendencies and changes in risk preference. These findings support the idea that decision-making preferences are informed by the observed preferences of others and have implications for interventions that target risky behaviors in group settings.
Book Synopsis Status risk-aversion and following behaviour in social and economic settings by : Andrew E. Clark
Download or read book Status risk-aversion and following behaviour in social and economic settings written by Andrew E. Clark and published by . This book was released on 1996 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Medical Decision Making by : Stefan Felder
Download or read book Medical Decision Making written by Stefan Felder and published by Springer. This book was released on 2017-03-30 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This textbook offers a comprehensive analysis of medical decision making under uncertainty by combining Test Information Theory with Expected Utility Theory. The book shows how the parameters of Bayes’ theorem can be combined with a value function of health states to arrive at informed test and treatment decisions. The authors distinguish between risk-neutral, risk-averse and prudent decision makers and demonstrate the effects of risk preferences on physicians’ decisions. They analyze individual tests, multiple tests and endogenous tests where the test outcome is chosen by the decision maker. Moreover, the topic is examined in the context of health economics by introducing a trade-off between enjoying health and consuming other goods, so that the extent of treatment and thus the potential improvement in the patient’s health becomes endogenous. Finally, non-expected utility models of choice under risk and uncertainty (i.e. ambiguity) are presented. While these models can explain observed test and treatment decisions, they are not suitable for normative analyses aimed at providing guidance on medical decision making.
Book Synopsis Exploring the Consistency of Higher-Order Risk Preferences by : Alexander Haering
Download or read book Exploring the Consistency of Higher-Order Risk Preferences written by Alexander Haering and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Framing Decisions in Experiments on Higher-order Risk Preferences by : Alexander Hearing
Download or read book Framing Decisions in Experiments on Higher-order Risk Preferences written by Alexander Hearing and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk Aversion, Prudence and Temperance by : Annarita Colasante
Download or read book Risk Aversion, Prudence and Temperance written by Annarita Colasante and published by . This book was released on 2019 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: Higher order risk preferences are important determinants of choices under uncertainty. After clarifying some terminological and methodological issues, we are able to confi rm, by using data collected by a questionnaire, the well established result of the preference of the majority of the respondents for higher odd and lower even moments of the expected return distribution. We highlight three features: (i) the importance of the gap between the values of the corresponding moments of the two choices, (ii) the behavioral change in presence of a positive/zero/negative expected value, (iii) the huge heterogeneity in behaviors, also due to the complexity of the choice as an important driver of the propensity to switch from choosing on the basis of preferences to choosing randomly. We further analyse the relationship between risk attitudes in monetary and non-monetary contexts, showing that they are correlated, but correlation is far from 1, with a larger risk aversion in fields like health. Interestingly, the propensity to perform illegal activities could be a good indicator of financial risk propensity, and age and geographical location are important determinants of risk propensity.
Book Synopsis Higher Order Risk Attitudes, Demographics, and Financial Decisions by : C.N. Noussair
Download or read book Higher Order Risk Attitudes, Demographics, and Financial Decisions written by C.N. Noussair and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :National Academies of Sciences, Engineering, and Medicine Publisher :National Academies Press ISBN 13 :0309671035 Total Pages :317 pages Book Rating :4.3/5 (96 download)
Book Synopsis Social Isolation and Loneliness in Older Adults by : National Academies of Sciences, Engineering, and Medicine
Download or read book Social Isolation and Loneliness in Older Adults written by National Academies of Sciences, Engineering, and Medicine and published by National Academies Press. This book was released on 2020-05-14 with total page 317 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social isolation and loneliness are serious yet underappreciated public health risks that affect a significant portion of the older adult population. Approximately one-quarter of community-dwelling Americans aged 65 and older are considered to be socially isolated, and a significant proportion of adults in the United States report feeling lonely. People who are 50 years of age or older are more likely to experience many of the risk factors that can cause or exacerbate social isolation or loneliness, such as living alone, the loss of family or friends, chronic illness, and sensory impairments. Over a life course, social isolation and loneliness may be episodic or chronic, depending upon an individual's circumstances and perceptions. A substantial body of evidence demonstrates that social isolation presents a major risk for premature mortality, comparable to other risk factors such as high blood pressure, smoking, or obesity. As older adults are particularly high-volume and high-frequency users of the health care system, there is an opportunity for health care professionals to identify, prevent, and mitigate the adverse health impacts of social isolation and loneliness in older adults. Social Isolation and Loneliness in Older Adults summarizes the evidence base and explores how social isolation and loneliness affect health and quality of life in adults aged 50 and older, particularly among low income, underserved, and vulnerable populations. This report makes recommendations specifically for clinical settings of health care to identify those who suffer the resultant negative health impacts of social isolation and loneliness and target interventions to improve their social conditions. Social Isolation and Loneliness in Older Adults considers clinical tools and methodologies, better education and training for the health care workforce, and dissemination and implementation that will be important for translating research into practice, especially as the evidence base for effective interventions continues to flourish.
Book Synopsis Social Vs. Risk Preferences Under the Veil of Ignorance by : Nicola Frignani
Download or read book Social Vs. Risk Preferences Under the Veil of Ignorance written by Nicola Frignani and published by . This book was released on 2011 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
