RISK TAKING FOR ONESELF AND OTHERS: A STRUCTURAL MODEL APPROACH.
Economic theory makes no predictions about social factors affecting decisions under risk. We examine situations in which a decision maker decides for herself and another person under conditions of payoff equality, and compare them to individual decisions. By estimating a structural model, we find th...
| Publicado en: | Economic Inquiry Vol. 54; no. 2; pp. 879 - 895 |
|---|---|
| Autores principales: | , , , |
| Formato: | Artículo |
| Publicado: |
Wiley-Blackwell
Apr2016
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=113307260&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 113307260 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Apr2016 vid: 54 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 113307260 10.1111/ecin.12290 ppf: 879 ppct: 16 formats: fmt: – @attributes: type: T – @attributes: type: P size: 678KB tig: atl: RISK TAKING FOR ONESELF AND OTHERS: A STRUCTURAL MODEL APPROACH. aug: au: Vieider, Ferdinand M. Villegas ‐ Palacio, Clara Martinsson, Peter Mejía, Milagros affil: Professor, Department of Economics, University of Reading, Reading UK Risk & Development Group, WZB Berlin Social Science Center, Berlin Germany Associate Professor, Department of Geosciences and Environment, National University of Colombia, Medellín Campus, Medellín Colombia Professor, Department of Economics, University of Gothenburg, Gothenburg Sweden Independent Consultant, Instituto del Perù, Universidad de San Martin de Porres, San Isidro Perù su: Economics Risk aversion Prospect theory Economic decision making Structural models Purchasing power parity Expected utility sug: subj: Economics Risk aversion Prospect theory Economic decision making Structural models Purchasing power parity Expected utility ab: Economic theory makes no predictions about social factors affecting decisions under risk. We examine situations in which a decision maker decides for herself and another person under conditions of payoff equality, and compare them to individual decisions. By estimating a structural model, we find that responsibility leaves utility curvature unaffected, but accentuates the subjective distortion of very small and very large probabilities for both gains and losses. We also find that responsibility reduces loss aversion, but that these results only obtain under some specific definitions of the latter. These results serve to generalize and reconcile some of the still largely contradictory findings in the literature. They also have implications for financial agency, which we discuss. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
|---|