Gender and risk aversion: Evidence from a natural experiment
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/11328/4847 https://doi.org/10.3390/g14030049 |
Resumo: | The theoretical literature on risk aversion and Expected Utility Theory is extensive; however, the analysis of this behaviour with natural experiments could be more comprehensive. In this paper, we use data from 120 episodes of the Portuguese version of the TV game show The Price is Right, namely from The Wheel game, to explore risk aversion as well as the impact of gender in decision-making. The Wheel game has straightforward rules and huge expected payoffs. All contestants have access to the same information and distributions of uncertainty, making it a unique field laboratory to conduct an experimental test of rational decision theory. The objective is to infer the risk aversion levels of decision-makers from their choice to turn the wheel and the influence of gender on risk attitudes. There is a widespread view that women are more risk-averse than men. However, we could not reject the hypothesis that women and men have the same level of risk aversion. Nevertheless, we have evidence that contestants are more risk-averse than risk-seeking. The omission bias, loss aversion and regret can explain that behaviour. |
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Gender and risk aversion: Evidence from a natural experimentRisk aversionGenderDecision-makingRationalityTV showThe Price is RightThe theoretical literature on risk aversion and Expected Utility Theory is extensive; however, the analysis of this behaviour with natural experiments could be more comprehensive. In this paper, we use data from 120 episodes of the Portuguese version of the TV game show The Price is Right, namely from The Wheel game, to explore risk aversion as well as the impact of gender in decision-making. The Wheel game has straightforward rules and huge expected payoffs. All contestants have access to the same information and distributions of uncertainty, making it a unique field laboratory to conduct an experimental test of rational decision theory. The objective is to infer the risk aversion levels of decision-makers from their choice to turn the wheel and the influence of gender on risk attitudes. There is a widespread view that women are more risk-averse than men. However, we could not reject the hypothesis that women and men have the same level of risk aversion. Nevertheless, we have evidence that contestants are more risk-averse than risk-seeking. The omission bias, loss aversion and regret can explain that behaviour.MDPI - Multidisciplinary Digital Publishing Institute2023-06-14T13:34:24Z2023-06-142023-06-14T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfPacheco, L. M., Lobão, J., & Coelho, S. (2023). Gender and risk aversion: Evidence from a natural experiment. Games, 14(3), 1-16. https://doi.org/10.3390/g14030049. Repositório Institucional UPT. http://hdl.handle.net/11328/4847http://hdl.handle.net/11328/4847Pacheco, L. M., Lobão, J., & Coelho, S. (2023). Gender and risk aversion: Evidence from a natural experiment. Games, 14(3), 1-16. https://doi.org/10.3390/g14030049. Repositório Institucional UPT. http://hdl.handle.net/11328/4847http://hdl.handle.net/11328/4847https://doi.org/10.3390/g14030049eng2073-4336https://www.mdpi.com/2073-4336/14/3/49http://creativecommons.org/licenses/by/4.0/info:eu-repo/semantics/openAccessPacheco, Luís MiguelLobão, JúlioCoelho, Sílviareponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-16T02:02:09Zoai:repositorio.upt.pt:11328/4847Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:38:30.715479Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Gender and risk aversion: Evidence from a natural experiment |
title |
Gender and risk aversion: Evidence from a natural experiment |
spellingShingle |
Gender and risk aversion: Evidence from a natural experiment Pacheco, Luís Miguel Risk aversion Gender Decision-making Rationality TV show The Price is Right |
title_short |
Gender and risk aversion: Evidence from a natural experiment |
title_full |
Gender and risk aversion: Evidence from a natural experiment |
title_fullStr |
Gender and risk aversion: Evidence from a natural experiment |
title_full_unstemmed |
Gender and risk aversion: Evidence from a natural experiment |
title_sort |
Gender and risk aversion: Evidence from a natural experiment |
author |
Pacheco, Luís Miguel |
author_facet |
Pacheco, Luís Miguel Lobão, Júlio Coelho, Sílvia |
author_role |
author |
author2 |
Lobão, Júlio Coelho, Sílvia |
author2_role |
author author |
dc.contributor.author.fl_str_mv |
Pacheco, Luís Miguel Lobão, Júlio Coelho, Sílvia |
dc.subject.por.fl_str_mv |
Risk aversion Gender Decision-making Rationality TV show The Price is Right |
topic |
Risk aversion Gender Decision-making Rationality TV show The Price is Right |
description |
The theoretical literature on risk aversion and Expected Utility Theory is extensive; however, the analysis of this behaviour with natural experiments could be more comprehensive. In this paper, we use data from 120 episodes of the Portuguese version of the TV game show The Price is Right, namely from The Wheel game, to explore risk aversion as well as the impact of gender in decision-making. The Wheel game has straightforward rules and huge expected payoffs. All contestants have access to the same information and distributions of uncertainty, making it a unique field laboratory to conduct an experimental test of rational decision theory. The objective is to infer the risk aversion levels of decision-makers from their choice to turn the wheel and the influence of gender on risk attitudes. There is a widespread view that women are more risk-averse than men. However, we could not reject the hypothesis that women and men have the same level of risk aversion. Nevertheless, we have evidence that contestants are more risk-averse than risk-seeking. The omission bias, loss aversion and regret can explain that behaviour. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-06-14T13:34:24Z 2023-06-14 2023-06-14T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
Pacheco, L. M., Lobão, J., & Coelho, S. (2023). Gender and risk aversion: Evidence from a natural experiment. Games, 14(3), 1-16. https://doi.org/10.3390/g14030049. Repositório Institucional UPT. http://hdl.handle.net/11328/4847 http://hdl.handle.net/11328/4847 Pacheco, L. M., Lobão, J., & Coelho, S. (2023). Gender and risk aversion: Evidence from a natural experiment. Games, 14(3), 1-16. https://doi.org/10.3390/g14030049. Repositório Institucional UPT. http://hdl.handle.net/11328/4847 http://hdl.handle.net/11328/4847 https://doi.org/10.3390/g14030049 |
identifier_str_mv |
Pacheco, L. M., Lobão, J., & Coelho, S. (2023). Gender and risk aversion: Evidence from a natural experiment. Games, 14(3), 1-16. https://doi.org/10.3390/g14030049. Repositório Institucional UPT. http://hdl.handle.net/11328/4847 |
url |
http://hdl.handle.net/11328/4847 https://doi.org/10.3390/g14030049 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
2073-4336 https://www.mdpi.com/2073-4336/14/3/49 |
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http://creativecommons.org/licenses/by/4.0/ info:eu-repo/semantics/openAccess |
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http://creativecommons.org/licenses/by/4.0/ |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
MDPI - Multidisciplinary Digital Publishing Institute |
publisher.none.fl_str_mv |
MDPI - Multidisciplinary Digital Publishing Institute |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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