Influence of level of study and gender on risk aversion and loss according to prospect theory

Detalhes bibliográficos
Autor(a) principal: Harzer, Jorge Harry
Data de Publicação: 2017
Outros Autores: Maffezzolli, Eliane Cristine Francisco, Souza, Alceu, da Silva, Wesley Vieira
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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spelling 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
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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
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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)
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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
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