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Understanding the two components of risk attitudes / Jianying Qiu in Management science, Vol. 57 N° 1 (Janvier 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 1 (Janvier 2011) . - pp. 193-199 Titre : Understanding the two components of risk attitudes : An experimental analysis Type de document : texte imprimé Auteurs : Jianying Qiu, Auteur ; Eva-Maria Steiger, Auteur Année de publication : 2011 Article en page(s) : pp. 193-199 Note générale : Management Langues : Anglais (eng) Mots-clés : Risk  attitude  Cumulative  prospect  theory  Experimental  study Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Cumulative prospect theory introduced the weighting of probabilities as an additional component to capture risk attitudes. However, this addition would be a less significant challenge to expected utility theory (EU) if utility curvature and probability weighting showed strong positive correlation. In that case the utility curvature in EU alone, although not properly describing risky behavior in general, would still capture most of the variance of individual risk aversion. This study provides experimental evidence that such a strong and positive correlation does not exist. Although most individuals exhibit concave utility and convex probability weighting, the two components show no strong positive correlation. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/1/193 [article] Understanding the two components of risk attitudes : An experimental analysis [texte imprimé] / Jianying Qiu, Auteur ; Eva-Maria Steiger, Auteur . - 2011 . - pp. 193-199. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 1 (Janvier 2011) . - pp. 193-199 Mots-clés : Risk  attitude  Cumulative  prospect  theory  Experimental  study Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Cumulative prospect theory introduced the weighting of probabilities as an additional component to capture risk attitudes. However, this addition would be a less significant challenge to expected utility theory (EU) if utility curvature and probability weighting showed strong positive correlation. In that case the utility curvature in EU alone, although not properly describing risky behavior in general, would still capture most of the variance of individual risk aversion. This study provides experimental evidence that such a strong and positive correlation does not exist. Although most individuals exhibit concave utility and convex probability weighting, the two components show no strong positive correlation. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/1/193