Risk Preferences Around the World

• 成果类型: Article
• 署名作者: Rieger, Marc Oliver; Wang, Mei; Hens, Thorsten
• 署名单位: Universitat Trier; WHU - Otto Beisheim School of Management; University of Zurich; University of Zurich; Swiss Finance Institute (SFI); Norwegian School of Economics (NHH)
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2013.1869
• 发表日期: 2015
• 页码: 637-648
• 关键词: Risk preferences; cross-cultural comparison; prospect theory

摘要

We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk seeking in losses. The degree of risk aversion shows significant cross-country differences. Moreover, risk attitudes in our sample depend not only on economic conditions but also on cultural factors, as measured by the Hofstede dimensions individualism and uncertainty avoidance. The data may also serve as an interesting starting point for further research on cultural differences in behavioral economics.