원문정보
초록
영어
We propose a new eliciting method of measuring risk aversion through a laboratory experiment to overcome disadvantages of the multiple pricing list format developed by Holt and Laury (2002) and standardize the risk aversion ranking by quantile normalization. Our method doesn't stick to any specific utility function, and is free of the framing effect or the multiple switching problem. Furthermore, with the new measure of risk aversion, we examine how individuals change risk attitude and decision making time when they face new informational disadvantages, i.e., less information about asset markets than experts. Decision making time gets shorter and risk aversion rises significantly when individuals perceive themselves informationally disadvantaged.
목차
1. Introduction
2. Experimental procedure
3. New Index of Risk Aversion and Data
3.1 New Index of Risk Aversion
3.2 Data
4. Asymmetric Information and Decision Making Time with the New Index
4.1 Asymmetric Information with the New Index
4.2 Decision Making Time
5. Risk aversion and personal characteristics
5.1 Determinants of risk aversion
6. Concluding remarks
References