Testing for prudence and skewness seeking / Sebastian Ebert in Management science, Vol. 57 N° 7 (Juillet 2011)  

Public ISBD [article]  inManagement science > Vol. 57 N° 7 (Juillet 2011) . - pp. 1334-1349 Titre : Testing for prudence and skewness seeking Type de document : texte imprimé Auteurs : Sebastian Ebert, Auteur ; Daniel Wiesen, Auteur Année de publication : 2011 Article en page(s) : pp. 1334-1349 Note générale : Management Langues : Anglais (eng) Mots-clés : Decision making under risk Precautionary savings Prudence Downside Skewness seeking Laboratory experiment Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Numerous theoretical predictions such as precautionary saving or preventive behavior have been derived for prudent decision makers. Further, prudence can be characterized as downside risk aversion and plays a key role in preference for skewness. We use a simple experimental method to test for prudence and skewness preference in the laboratory and compare the two. To this end, we introduce a novel graphical representation of compound lotteries that is easily accessible to subjects and test it for robustness, using a factorial design. Prudence is observed on the aggregate and individual level. We find that prudence does not boil down to skewness seeking. We further provide some theoretical explanations for this result. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/7.toc [article] Testing for prudence and skewness seeking [texte imprimé] / Sebastian Ebert, Auteur ; Daniel Wiesen, Auteur . - 2011 . - pp. 1334-1349. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 7 (Juillet 2011) . - pp. 1334-1349 Mots-clés : Decision making under risk Precautionary savings Prudence Downside Skewness seeking Laboratory experiment Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : Numerous theoretical predictions such as precautionary saving or preventive behavior have been derived for prudent decision makers. Further, prudence can be characterized as downside risk aversion and plays a key role in preference for skewness. We use a simple experimental method to test for prudence and skewness preference in the laboratory and compare the two. To this end, we introduce a novel graphical representation of compound lotteries that is easily accessible to subjects and test it for robustness, using a factorial design. Prudence is observed on the aggregate and individual level. We find that prudence does not boil down to skewness seeking. We further provide some theoretical explanations for this result. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/7.toc

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