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Reflection For Higher Order Risk Preferences
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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 Risk Aversion in Experiments by : G.W. Harrison
Download or read book Risk Aversion in Experiments written by G.W. Harrison and published by Emerald Group Publishing. This book was released on 2008-02-29 with total page 449 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research utilizing laboratory experimental methods in economics.
Book Synopsis Risk Preferences, Cognitive Ability and Personality by : Yue Bao
Download or read book Risk Preferences, Cognitive Ability and Personality written by Yue Bao and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk aversion is the reluctance of a subject who value a certain gain higher than a risky gain, when both have the same expected value, and loss aversion refers to the tendency for a subject dislike a loss more than they favor a gain of the same expected value. This book investigates whether Danes are in general risk and loss averse, and test whether risk and loss aversion are related to cognitive ability, certain personality traits, and some demographics. Key findings: 1) Risk and loss aversion is a realistic characterization of average subjects; 2) The likelihood of being risk averse is affected negatively by background variables such as high salary, high education, and high cognitive reflection ability. However, IQ scores are not significantly related to risk aversion; 3) The possibility of displaying a high degree of risk aversion increases with age; 4) The possibility of being loss averse decreases with increase in salary and age, and it seems no cognitive ability measure is correlated to loss aversion.
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 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 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 The Ten Commandments of Risk Leadership by : Annette Hofmann
Download or read book The Ten Commandments of Risk Leadership written by Annette Hofmann and published by Springer Nature. This book was released on 2022-02-19 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: We as humans are prone to a variety of wired-in cognitive mistakes in the way we interpret and react to risk-related information. This is highly consequential since the cognitive biases managers are exposed to in their day-to-day business erode the objectivity of their risk-related decisions, which ultimately hurts the financial well-being of their firms. This book seeks to develop risk literacy as a leadership skill. It helps managers develop the skills to improve managerial decision-making in regards to managing risk. The last decades have offered various insights into how human nature often gets in the way of rational decision-making. This book is a valuable resource for insurance executives, chief risk officers, company leaders, and graduate students of risk management and risk psychology. It is the first behavioral risk management guide for managers and other interested readers - using examples from economic theory, behavioral finance, and game theory, it studies the hidden forces that drive our decision-making processes under risk.
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 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 Human preferences and risky choices by : Petko Kusev
Download or read book Human preferences and risky choices written by Petko Kusev and published by Frontiers E-books. This book was released on 2012 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: "There are different views on what preferences for risks are and whether they are indicators of stable, underlying generic cognitive systems. Preferences could be conceived as an attitude towards a set of properties of context, memory and affect - a gauge of how much uncertainty one is willing to tolerate. This Research Topic aims to initiate a discussion on the stability of preferences for risks - as research has shown that different decision domains, response modes, and framing facilitate preference reversals. A consistent claim from behavioural decision researchers is that, contrary to the assumptions of classical economics, preferences are not stable and inherent constructs in individuals but are modified by levels of accessibility in memory, context, decision complexity, and type of psychological processing (e.g., sampling or computational "trade-offs" in processing). For example, in a sampling-based decision-making paradigm it is argued that preferences are not essential for making risky decisions. The existing theoretical and empirical evidence reveals that human preferences are relative and unstable, undermining the predictions of normative theory. Recent theoretical accounts in psychology have expanded the debate further by offering evolutionary models of decision-making under risk. While most of the researcher has explored optimisation goals (traditionally assumed in economics), evolutionary psychology has promoted adaptation-driven processes for risky choices. Moreover, we have witnessed a renaissance of preferences as affect rather than as a construct with psycho-economical properties. Although behavioural decision research is still engaged in challenging the foundation of economic theory, at present, opinions seem less unified as to whether preferences reflect common psychological constructs. The Research Topic will focus on human preferences and risky choices. Topics include: Normative, descriptive and experience-based decision making, Preference reversals, Accessibility in memory, Context dependence, Psychological processing (including i) probabilities, utilities, computations and 'trade-offs', and ii) sampling), Affect, and Evolutionary accounts." -- Provided by publisher.
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 Handbook of the Economics of Risk and Uncertainty by : Mark Machina
Download or read book Handbook of the Economics of Risk and Uncertainty written by Mark Machina and published by Newnes. This book was released on 2013-11-14 with total page 897 pages. Available in PDF, EPUB and Kindle. Book excerpt: The need to understand the theories and applications of economic and finance risk has been clear to everyone since the financial crisis, and this collection of original essays proffers broad, high-level explanations of risk and uncertainty. The economics of risk and uncertainty is unlike most branches of economics in spanning from the individual decision-maker to the market (and indeed, social decisions), and ranging from purely theoretical analysis through individual experimentation, empirical analysis, and applied and policy decisions. It also has close and sometimes conflicting relationships with theoretical and applied statistics, and psychology. The aim of this volume is to provide an overview of diverse aspects of this field, ranging from classical and foundational work through current developments. Presents coherent summaries of risk and uncertainty that inform major areas in economics and finance Divides coverage between theoretical, empirical, and experimental findings Makes the economics of risk and uncertainty accessible to scholars in fields outside economics
Book Synopsis Higher-Order Risk Preferences, Constant Relative Risk Aversion and the Optimal Portfolio Allocation by : Trino Manuel Ñíguez
Download or read book Higher-Order Risk Preferences, Constant Relative Risk Aversion and the Optimal Portfolio Allocation written by Trino Manuel Ñíguez and published by . This book was released on 2015 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We derive the conditions for the optimal portfolio choice within a constant relative risk aversion type of utility function considering alternative probability distributions that are able to capture the asymmetric and leptokurtic features of asset returns. We illustrate the role -- beyond risk aversion -- played by higher-order moments in the optimal decision to form a portfolio of risky assets. In particular, we show that higher-order risk attitudes such as prudence and temperance associated with the third and fourth moments of the distribution define different optimal portfolios than those constrained under risk aversion.
Book Synopsis Reflective Goal Setting by : Cheryl J. Travers
Download or read book Reflective Goal Setting written by Cheryl J. Travers and published by Springer Nature. This book was released on 2022-06-08 with total page 199 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents, for the first time, a comprehensive overview of the Reflective Goal Setting model, its theoretical framework and origins, and its practical applications for personal development, improved coping and reduced stress, academic growth and performance and leadership. Divided into three parts, the author begins by examining the particular importance of personal development, and in particular soft and interpersonal skills development. It addresses the limitations of current personal development and leadership education and training for the transfer of learning, before outlining how Reflective Goal Setting fulfils this need. It presents a critical review of Goal Setting Theory and approaches to reflective practice that demonstrates how the Reflective Goal Setting model was developed from, and builds upon, these earlier approaches. Drawing on original research and illustrative case studies, the author details the cyclical five step process of the Reflective Goal Setting model across 5 chapters - forming Part 2 of the book. Part 3 examines the practical applications and impact of using Reflective Goal Setting, employing illustrative case studies from a variety of settings including higher education, professional development and executive education. This innovative work will provide a valuable resource for researchers and practitioners in Organisational and Industrial Psychology, Education, and Business and Management and indeed anyone who wants to work on their own personal development.
Book Synopsis Financial Risk Tolerance: A Psychometric Review by : John E. Grable
Download or read book Financial Risk Tolerance: A Psychometric Review written by John E. Grable and published by CFA Institute Research Foundation. This book was released on 2017-06-30 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This content provides financial analysts, investment professionals, and financial planners with a review of how financial risk-tolerance tests can and should be evaluated. It begins by clarifying terms related to risk taking and is followed by a broad overview of two important measurement terms: validity and reliability. It concludes with examples for practice.
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 Exploring Tort Law by : M. Stuart Madden
Download or read book Exploring Tort Law written by M. Stuart Madden and published by Cambridge University Press. This book was released on 2005-09-26 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a collection of scholarship from the most influential contributors regarding Torts law.
