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11 février 2019
- handle: 10670/1.aukxym
- halshs: halshs-01910201
- doi: 10.3982/QE898
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info:eu-repo/semantics/altIdentifier/doi/10.3982/QE898
info:eu-repo/semantics/OpenAccess
Mots-clés
risk preferences cultural comparison prospect theory C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C93 - Field Experiments D - Microeconomics/D.D8 - Information, Knowledge, and Uncertainty/D.D8.D80 - General O - Economic Development, Innovation, Technological Change, and Growth/O.O1 - Economic Development/O.O1.O12 - Microeconomic Analyses of Economic DevelopmentSujets proches
High income people Wealthy people Affluent people Rich Rich people--Economic conditions Rich, The Economic growth Growth, Economic Development, EconomicCiter ce document
L'Haridon Olivier et al., « All Over the Map A Worldwide Comparison of Risk Preferences », HAL-SHS : économie et finance, ID : 10.3982/QE898
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Résumé
We obtain rich measurements of risk preferences for 2939 subjects across 30 countries, and use the data to paint a picture of the distribution of risk preferences across the globe using structural equation models. Reference-dependence and likelihood-dependence are found to be important everywhere. Model parameters in non-Western countries differ systematically from those in Western countries, with poorer countries substantially more risk tolerant than rich countries on average. We qualify previous findings on gender effects and cognitive ability by showing how they mainly impact likelihood-dependence. We further add novel evidence on the correlation between risk preferences and study major. Whereas we confirm previous results on observable characteristics of subjects explaining little of overall preference heterogeneity, a few macroeconomic indicators can explain a considerable part of the between-country heterogeneity.