Risk aversion, level and incentive effects: a laboratorial experiment with ufc students

Detalhes bibliográficos
Autor(a) principal: Soares, Ricardo Brito
Data de Publicação: 2018
Outros Autores: Simôes, Patrícia, Jorge Neto, Paulo de Melo
Tipo de documento: Artigo
Idioma: por
Título da fonte: Contextus (Fortaleza. Online)
Texto Completo: http://periodicos.ufc.br/contextus/article/view/33266
Resumo: This paper makes an empirical study about decision making under uncertainty among students of the Federal University of Ceará. In order to measure individual risk preferences, an elicitation technique called the Multiple Price Lists is used. Such a methodology was popularized by Holt and Laury (2002) and makes use of a list of paired lotteries, structured in such a way that the number of safe choices of the individual can be used to estimate his or her degree of risk aversion. As a result, the level of risk aversion found is higher than predicted by the theory and the hypothesis of the value scale effect as well as that of the monetary incentive effect are validated by the experiment. Thus, this work shows that there is a tendency to underestimate the willingness of individuals to take risks in hypothetical laboratory experiments, with the possibility of economic losses.
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spelling Risk aversion, level and incentive effects: a laboratorial experiment with ufc studentsAversión al riesgo, nivel y incentivo efecto: un experimento laboratorial con alumnos de UFCAversão ao risco e efeito incentivo: um experimento laboratorial com alunos da UFCRisk aversionLotteryLaboratory experimentScale effectIncentive effectAversión al riesgoLoteríaExperimento de laboratorioEfecto de escalaEfecto de incentivoAversão ao riscoLoteriaExperimento laboratorialEfeito escalaEfeito incentivoThis paper makes an empirical study about decision making under uncertainty among students of the Federal University of Ceará. In order to measure individual risk preferences, an elicitation technique called the Multiple Price Lists is used. Such a methodology was popularized by Holt and Laury (2002) and makes use of a list of paired lotteries, structured in such a way that the number of safe choices of the individual can be used to estimate his or her degree of risk aversion. As a result, the level of risk aversion found is higher than predicted by the theory and the hypothesis of the value scale effect as well as that of the monetary incentive effect are validated by the experiment. Thus, this work shows that there is a tendency to underestimate the willingness of individuals to take risks in hypothetical laboratory experiments, with the possibility of economic losses.Este trabajo hace un estudio empírico sobre toma de decisión bajo incertidumbre junto a alumnos de la Universidad Federal de Ceará. Para medir las preferencias individuales de riesgo, se utiliza la técnica de selección denominada Lista de Precios Múltiples (Multiple Price Listas). Esta metodología fue popularizada por Holt y Laury (2002) y hace uso de una lista de loterías pareadas, estructurada de manera que el número de opciones seguras del individuo pueda ser utilizado para estimar su grado de aversión al riesgo. Como resultado, el nivel de aversión al riesgo encontrado es mayor que el previsto por la teoría, y las hipótesis de efecto de la escala de valores y efecto del incentivo monetario son validadas por el experimento. De ese modo, este trabajo constata una tendencia a la subestimación en la disposición de los individuos a asumir riesgo en experimentos hipotéticos de laboratorio, con posibilidad de pérdidas económicas.Este trabalho faz um estudo empírico sobre tomada de decisão sob incerteza junto a alunos da Universidade Federal do Ceará. Para mensurar as preferências individuais de risco, utiliza-se a técnica de elicitação denominada Lista De Preços Múltiplos (Multiple Price Lists). Tal metodologia, popularizada por Holt e Laury (2002), faz uso de uma lista de loterias pareadas, estruturada de maneira que o número de escolhas seguras do indivíduo possa ser utilizado para estimar o seu grau de aversão ao risco. Como resultado, o nível de aversão ao risco encontrado é maior que o previsto pela teoria, e as hipóteses de efeito da escala de valores e efeito do incentivo monetário são validadas pelo experimento. Desse modo, este trabalho constata uma tendência de subestimação na disposição dos indivíduos em assumir risco em experimentos hipotéticos de laboratório, com possibilidade de prejuízos econômicos.FEAAC/UFC2018-11-05info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPesquisa Empírica Experimentalapplication/pdfapplication/ziphttp://periodicos.ufc.br/contextus/article/view/3326610.19094/contextus.v0i0.33266Contextus - Contemporary Journal of Economics and Management; Vol 16 No esp.: FEAAC's 80 years 2018; 10-33Contextus – Revista Contemporánea de Economía y Gestión; Vol. 16 Núm. esp.: 80 años FEAAC 2018; 10-33Contextus – Revista Contemporânea de Economia e Gestão; v. 16 n. esp.: 80 anos FEAAC 2018; 10-332178-92581678-2089reponame:Contextus (Fortaleza. Online)instname:Universidade Federal do Ceará (UFC)instacron:UFCporhttp://periodicos.ufc.br/contextus/article/view/33266/pdfhttp://periodicos.ufc.br/contextus/article/view/33266/166039http://periodicos.ufc.br/contextus/article/view/33266/166040http://periodicos.ufc.br/contextus/article/view/33266/166041http://periodicos.ufc.br/contextus/article/view/33266/166042Copyright (c) 2018 Revista: apenas para a 1a. publicaçãohttps://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessSoares, Ricardo BritoSimôes, PatríciaJorge Neto, Paulo de Melo2021-11-20T14:56:47Zoai:periodicos.ufc:article/33266Revistahttp://periodicos.ufc.br/contextusPUBhttp://periodicos.ufc.br/contextus/oairevistacontextus@ufc.br2178-92581678-2089opendoar:2021-11-20T14:56:47Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)false
dc.title.none.fl_str_mv Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
Aversión al riesgo, nivel y incentivo efecto: un experimento laboratorial con alumnos de UFC
Aversão ao risco e efeito incentivo: um experimento laboratorial com alunos da UFC
title Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
spellingShingle Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
Soares, Ricardo Brito
Risk aversion
Lottery
Laboratory experiment
Scale effect
Incentive effect
Aversión al riesgo
Lotería
Experimento de laboratorio
Efecto de escala
Efecto de incentivo
Aversão ao risco
Loteria
Experimento laboratorial
Efeito escala
Efeito incentivo
title_short Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
title_full Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
title_fullStr Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
title_full_unstemmed Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
title_sort Risk aversion, level and incentive effects: a laboratorial experiment with ufc students
author Soares, Ricardo Brito
author_facet Soares, Ricardo Brito
Simôes, Patrícia
Jorge Neto, Paulo de Melo
author_role author
author2 Simôes, Patrícia
Jorge Neto, Paulo de Melo
author2_role author
author
dc.contributor.author.fl_str_mv Soares, Ricardo Brito
Simôes, Patrícia
Jorge Neto, Paulo de Melo
dc.subject.por.fl_str_mv Risk aversion
Lottery
Laboratory experiment
Scale effect
Incentive effect
Aversión al riesgo
Lotería
Experimento de laboratorio
Efecto de escala
Efecto de incentivo
Aversão ao risco
Loteria
Experimento laboratorial
Efeito escala
Efeito incentivo
topic Risk aversion
Lottery
Laboratory experiment
Scale effect
Incentive effect
Aversión al riesgo
Lotería
Experimento de laboratorio
Efecto de escala
Efecto de incentivo
Aversão ao risco
Loteria
Experimento laboratorial
Efeito escala
Efeito incentivo
description This paper makes an empirical study about decision making under uncertainty among students of the Federal University of Ceará. In order to measure individual risk preferences, an elicitation technique called the Multiple Price Lists is used. Such a methodology was popularized by Holt and Laury (2002) and makes use of a list of paired lotteries, structured in such a way that the number of safe choices of the individual can be used to estimate his or her degree of risk aversion. As a result, the level of risk aversion found is higher than predicted by the theory and the hypothesis of the value scale effect as well as that of the monetary incentive effect are validated by the experiment. Thus, this work shows that there is a tendency to underestimate the willingness of individuals to take risks in hypothetical laboratory experiments, with the possibility of economic losses.
publishDate 2018
dc.date.none.fl_str_mv 2018-11-05
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Pesquisa Empírica Experimental
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://periodicos.ufc.br/contextus/article/view/33266
10.19094/contextus.v0i0.33266
url http://periodicos.ufc.br/contextus/article/view/33266
identifier_str_mv 10.19094/contextus.v0i0.33266
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv http://periodicos.ufc.br/contextus/article/view/33266/pdf
http://periodicos.ufc.br/contextus/article/view/33266/166039
http://periodicos.ufc.br/contextus/article/view/33266/166040
http://periodicos.ufc.br/contextus/article/view/33266/166041
http://periodicos.ufc.br/contextus/article/view/33266/166042
dc.rights.driver.fl_str_mv Copyright (c) 2018 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2018 Revista: apenas para a 1a. publicação
https://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/zip
dc.publisher.none.fl_str_mv FEAAC/UFC
publisher.none.fl_str_mv FEAAC/UFC
dc.source.none.fl_str_mv Contextus - Contemporary Journal of Economics and Management; Vol 16 No esp.: FEAAC's 80 years 2018; 10-33
Contextus – Revista Contemporánea de Economía y Gestión; Vol. 16 Núm. esp.: 80 años FEAAC 2018; 10-33
Contextus – Revista Contemporânea de Economia e Gestão; v. 16 n. esp.: 80 anos FEAAC 2018; 10-33
2178-9258
1678-2089
reponame:Contextus (Fortaleza. Online)
instname:Universidade Federal do Ceará (UFC)
instacron:UFC
instname_str Universidade Federal do Ceará (UFC)
instacron_str UFC
institution UFC
reponame_str Contextus (Fortaleza. Online)
collection Contextus (Fortaleza. Online)
repository.name.fl_str_mv Contextus (Fortaleza. Online) - Universidade Federal do Ceará (UFC)
repository.mail.fl_str_mv revistacontextus@ufc.br
_version_ 1798045753139003392

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