Menu-dependent risk attitudes: Theory and evidence

IF 1.3 2区经济学 Q3 BUSINESS, FINANCE

Journal of Risk and Uncertainty Pub Date : 2024-02-28 DOI:10.1007/s11166-023-09423-1

Zhuo Chen, Russell Golman, Jason Somerville

引用次数: 0

Abstract

We test for a novel pattern of menu-dependent risk attitudes that forms the basis of recent theories of risky choice: Does expanding the range of potential prizes from lotteries in a choice set lead people to overweight those prizes and make riskier choices? Contrary to our hypothesis, we find no evidence of such a menu effect. Varying the potential prize offered by an actuarially unfavorable, high-risk lottery does not affect the likelihood of choosing a different, moderate-risk gamble in favor of a safer alternative. Our well-powered null results cast doubt on prominent theories of menu-dependent risk preferences.

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依赖菜单的风险态度：理论与证据

我们检验了一种新的依赖菜单的风险态度模式，这种模式构成了近期风险选择理论的基础：扩大选择集中彩票的潜在奖品范围是否会导致人们过度重视这些奖品并做出更高风险的选择？与我们的假设相反，我们没有发现这种菜单效应的证据。改变精算不利的高风险彩票所提供的潜在奖金，并不会影响人们选择不同的中等风险赌博，而选择更安全的替代方案的可能性。我们得出的有力的无效结果使人们对菜单依赖风险偏好的著名理论产生了怀疑。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Risk and Uncertainty Multiple-

CiteScore

6.30

自引率

10.60%

发文量

期刊介绍： The Journal of Risk and Uncertainty (JRU) welcomes original empirical, experimental, and theoretical manuscripts dealing with the analysis of risk-bearing behavior and decision making under uncertainty. The topics covered in the journal include, but are not limited to, decision theory and the economics of uncertainty, experimental investigations of behavior under uncertainty, empirical studies of real world risk-taking behavior, behavioral models of choice under uncertainty, and risk and public policy. Review papers are welcome. The JRU does not publish finance or behavioral finance research, game theory, note length work, or papers that treat Likert-type scales as having cardinal significance. An important aim of the JRU is to encourage interdisciplinary communication and interaction between researchers in the area of risk and uncertainty. Authors are expected to provide introductory discussions which set forth the nature of their research and the interpretation and implications of their findings in a manner accessible to knowledgeable researchers in other disciplines. Officially cited as: J Risk Uncertain