Revisiting risk aversion: Can risk preferences change with experience?
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作者:
Ert, Eyal
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Hebrew Univ Jerusalem, Dept Environm Econ & Management, Robert H Smith Fac Agr Food & Environm, POB 12, IL-76100 Rehovot, IsraelHebrew Univ Jerusalem, Dept Environm Econ & Management, Robert H Smith Fac Agr Food & Environm, POB 12, IL-76100 Rehovot, Israel
Ert, Eyal
[1
]
Haruvy, Ernan
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Univ Texas Dallas, Naveen Jindal Sch Management, Richardson, TX 75080 USAHebrew Univ Jerusalem, Dept Environm Econ & Management, Robert H Smith Fac Agr Food & Environm, POB 12, IL-76100 Rehovot, Israel
Haruvy, Ernan
[2
]
机构:
[1] Hebrew Univ Jerusalem, Dept Environm Econ & Management, Robert H Smith Fac Agr Food & Environm, POB 12, IL-76100 Rehovot, Israel
The Holt-Laury measure for risk aversion has been used extensively in economic studies to measure individuals' risk aversion. The idea behind this measure is that individuals have stable risk preferences when making decisions under risk. We show that having repeated experiences with the Holt-Laury task can move individuals from exhibiting "risk aversion" to displaying "risk neutrality." This finding suggests that either risk preferences are not robust to a few experiences or that responses to the tasks indicate something else. We show that a simple model of adaptation can capture this behavioral pattern. (C) 2016 Elsevier B.V. All rights reserved.