The impact of (social) anchors on Prospect Theory’s value function

IF 2.9 3区经济学 Q1 ECONOMICS

Quarterly Review of Economics and Finance Pub Date : 2024-09-04 DOI:10.1016/j.qref.2024.101916

Sebastian Krull , David D. Loschelder , Matthias Pelster

引用次数: 0

Abstract

Anchoring impacts risk-taking decisions. This paper provides experimental evidence (n = 744) that (social) anchors shift the Prospect Theory’s value function (Kahneman and Tversky, 1979; Tversky and Kahneman, 1992). We observe that extreme (social) anchors lead to shifts in the value function, indicating a change in risk-taking. Anchors that are in line with risk-averse (risk-seeking) behavior lead, relative to the baseline, to more risk-averse (risk-seeking) decisions. Our findings are similar for social and non-social environments.

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社会）锚对前景理论价值函数的影响

锚定影响冒险决策。本文提供了实验证据（n = 744），证明（社会）锚会改变前景理论的价值函数（Kahneman 和 Tversky, 1979; Tversky 和 Kahneman, 1992）。我们发现，极端的（社会）锚会导致价值函数的变化，表明冒险行为发生了改变。与规避风险（寻求风险）行为一致的锚点，相对于基线，会导致更多规避风险（寻求风险）的决策。在社会环境和非社会环境中，我们的研究结果是相似的。

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

Quarterly Review of Economics and Finance ECONOMICS-

CiteScore

6.00

自引率

2.90%

发文量

118

期刊介绍： The Quarterly Review of Economics and Finance (QREF) attracts and publishes high quality manuscripts that cover topics in the areas of economics, financial economics and finance. The subject matter may be theoretical, empirical or policy related. Emphasis is placed on quality, originality, clear arguments, persuasive evidence, intelligent analysis and clear writing. At least one Special Issue is published per year. These issues have guest editors, are devoted to a single theme and the papers have well known authors. In addition we pride ourselves in being able to provide three to four article "Focus" sections in most of our issues.