Influence of level of study and gender on risk aversion and loss according to prospect theory
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | por eng |
Título da fonte: | Sistemas & Gestão |
Texto Completo: | https://www.revistasg.uff.br/sg/article/view/625 |
Resumo: | The modern theory of finance presupposes efficiency of the markets, rationality of its agents and search for the maximization of utility. Behavioral finances challenge these assumptions, claiming that human beings are risk averse in tems of gain situations; however, individuals assume risk when dealing with losses, which is a loss aversion. The objective of this study is to verify whether there are differences regarding the degree of risk aversion and loss as a function of study time and gender. The prospects of Kahneman and Tversky were replicated to 396 students and 31 professors of the administration course of a university center of the state of Santa Catarina, Brazil. The data were analyzed in two steps: in the first, an analysis of the frequencies of the answers was made; In the second, the results were analyzed by groupings between teachers and students and by the gender of the respondents. The chi-square test was used to verify differences in responses. The results indicate that study time does not influence risk and loss aversion. In the comparative by gender, it was verified that this can affect the aversion to the risk, but not the losses. Women have shown greater risk aversion, but both are equally averse to loss. |
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Influence of level of study and gender on risk aversion and loss according to prospect theoryInfluência do nível de estudo e do gênero na aversão ao risco e à perda de acordo com a teoria dos prospectosBehavioral financeTheory of ProspectsRisk aversionLoss aversionFinanças comportamentais. Teoria dos Prospectos. Aversão ao Risco. Aversão à PerdaThe modern theory of finance presupposes efficiency of the markets, rationality of its agents and search for the maximization of utility. Behavioral finances challenge these assumptions, claiming that human beings are risk averse in tems of gain situations; however, individuals assume risk when dealing with losses, which is a loss aversion. The objective of this study is to verify whether there are differences regarding the degree of risk aversion and loss as a function of study time and gender. The prospects of Kahneman and Tversky were replicated to 396 students and 31 professors of the administration course of a university center of the state of Santa Catarina, Brazil. The data were analyzed in two steps: in the first, an analysis of the frequencies of the answers was made; In the second, the results were analyzed by groupings between teachers and students and by the gender of the respondents. The chi-square test was used to verify differences in responses. The results indicate that study time does not influence risk and loss aversion. In the comparative by gender, it was verified that this can affect the aversion to the risk, but not the losses. Women have shown greater risk aversion, but both are equally averse to loss.A teoria moderna das finanças pressupõe eficiência dos mercados, racionalidade dos seus agentes e busca pela maximização da utilidade. As finanças comportamentais contestam esses pressupostos, alegam que o ser humano é avesso ao risco nas situações de ganho, mas assume risco quando se trata de perdas, o que se configura como aversão à perda. O objetivo deste trabalho é verificar se existem diferenças no grau de aversão ao risco e à perda em função do tempo de estudo e do gênero. Os prospectos de Kahneman e Tversky foram replicados a 396 alunos e 31 professores do curso de administração de um centro universitário de Santa Catarina. Os dados foram analisados em duas etapas: a primeira fez uma análise das frequências das respostas; na segunda, os resultados foram analisados por agrupamentos entre professores e alunos e por gênero dos respondentes. Utilizou-se o teste qui-quadrado para verificar as diferenças nas respostas. Os resultados indicam que o tempo de estudo não influencia na aversão ao risco e à perda. No comparativo por gênero, constatou-se que este pode influenciar na aversão ao risco, mas não nas perdas. As mulheres demonstraram maior aversão ao risco, mas ambos são igualmente avessos à perda.ABEC2017-05-31info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfapplication/pdftext/htmltext/htmlhttps://www.revistasg.uff.br/sg/article/view/62510.20985/1980-5160.2016.v11n4.625Sistemas & Gestão; v. 11 n. 4 (2016): Dezembro/2016; 355-3661980-516010.20985/1980-5160.2016.v11n4reponame:Sistemas & Gestãoinstname:Universidade Federal Fluminense (UFF)instacron:UFFporenghttps://www.revistasg.uff.br/sg/article/view/625/520https://www.revistasg.uff.br/sg/article/view/625/533https://www.revistasg.uff.br/sg/article/view/625/555https://www.revistasg.uff.br/sg/article/view/625/560Copyright (c) 2017 Sistemas & Gestãoinfo:eu-repo/semantics/openAccessHarzer, Jorge HarryMaffezzolli, Eliane Cristine FranciscoSouza, Alceuda Silva, Wesley Vieira2020-05-29T17:31:33Zoai:ojs.www.revistasg.uff.br:article/625Revistahttps://www.revistasg.uff.br/sgPUBhttps://www.revistasg.uff.br/sg/oai||sg.revista@gmail.com|| periodicos@proppi.uff.br1980-51601980-5160opendoar:2020-05-29T17:31:33Sistemas & Gestão - Universidade Federal Fluminense (UFF)false |
dc.title.none.fl_str_mv |
Influence of level of study and gender on risk aversion and loss according to prospect theory Influência do nível de estudo e do gênero na aversão ao risco e à perda de acordo com a teoria dos prospectos |
title |
Influence of level of study and gender on risk aversion and loss according to prospect theory |
spellingShingle |
Influence of level of study and gender on risk aversion and loss according to prospect theory Harzer, Jorge Harry Behavioral finance Theory of Prospects Risk aversion Loss aversion Finanças comportamentais. Teoria dos Prospectos. Aversão ao Risco. Aversão à Perda |
title_short |
Influence of level of study and gender on risk aversion and loss according to prospect theory |
title_full |
Influence of level of study and gender on risk aversion and loss according to prospect theory |
title_fullStr |
Influence of level of study and gender on risk aversion and loss according to prospect theory |
title_full_unstemmed |
Influence of level of study and gender on risk aversion and loss according to prospect theory |
title_sort |
Influence of level of study and gender on risk aversion and loss according to prospect theory |
author |
Harzer, Jorge Harry |
author_facet |
Harzer, Jorge Harry Maffezzolli, Eliane Cristine Francisco Souza, Alceu da Silva, Wesley Vieira |
author_role |
author |
author2 |
Maffezzolli, Eliane Cristine Francisco Souza, Alceu da Silva, Wesley Vieira |
author2_role |
author author author |
dc.contributor.author.fl_str_mv |
Harzer, Jorge Harry Maffezzolli, Eliane Cristine Francisco Souza, Alceu da Silva, Wesley Vieira |
dc.subject.por.fl_str_mv |
Behavioral finance Theory of Prospects Risk aversion Loss aversion Finanças comportamentais. Teoria dos Prospectos. Aversão ao Risco. Aversão à Perda |
topic |
Behavioral finance Theory of Prospects Risk aversion Loss aversion Finanças comportamentais. Teoria dos Prospectos. Aversão ao Risco. Aversão à Perda |
description |
The modern theory of finance presupposes efficiency of the markets, rationality of its agents and search for the maximization of utility. Behavioral finances challenge these assumptions, claiming that human beings are risk averse in tems of gain situations; however, individuals assume risk when dealing with losses, which is a loss aversion. The objective of this study is to verify whether there are differences regarding the degree of risk aversion and loss as a function of study time and gender. The prospects of Kahneman and Tversky were replicated to 396 students and 31 professors of the administration course of a university center of the state of Santa Catarina, Brazil. The data were analyzed in two steps: in the first, an analysis of the frequencies of the answers was made; In the second, the results were analyzed by groupings between teachers and students and by the gender of the respondents. The chi-square test was used to verify differences in responses. The results indicate that study time does not influence risk and loss aversion. In the comparative by gender, it was verified that this can affect the aversion to the risk, but not the losses. Women have shown greater risk aversion, but both are equally averse to loss. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-05-31 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://www.revistasg.uff.br/sg/article/view/625 10.20985/1980-5160.2016.v11n4.625 |
url |
https://www.revistasg.uff.br/sg/article/view/625 |
identifier_str_mv |
10.20985/1980-5160.2016.v11n4.625 |
dc.language.iso.fl_str_mv |
por eng |
language |
por eng |
dc.relation.none.fl_str_mv |
https://www.revistasg.uff.br/sg/article/view/625/520 https://www.revistasg.uff.br/sg/article/view/625/533 https://www.revistasg.uff.br/sg/article/view/625/555 https://www.revistasg.uff.br/sg/article/view/625/560 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2017 Sistemas & Gestão info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2017 Sistemas & Gestão |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf text/html text/html |
dc.publisher.none.fl_str_mv |
ABEC |
publisher.none.fl_str_mv |
ABEC |
dc.source.none.fl_str_mv |
Sistemas & Gestão; v. 11 n. 4 (2016): Dezembro/2016; 355-366 1980-5160 10.20985/1980-5160.2016.v11n4 reponame:Sistemas & Gestão instname:Universidade Federal Fluminense (UFF) instacron:UFF |
instname_str |
Universidade Federal Fluminense (UFF) |
instacron_str |
UFF |
institution |
UFF |
reponame_str |
Sistemas & Gestão |
collection |
Sistemas & Gestão |
repository.name.fl_str_mv |
Sistemas & Gestão - Universidade Federal Fluminense (UFF) |
repository.mail.fl_str_mv |
||sg.revista@gmail.com|| periodicos@proppi.uff.br |
_version_ |
1798320143400435712 |