Risk attitude and market behavior: Evidence from experimental asset markets

被引：118
|
作者：
Fellner, Gerlinde
Maciejovsky, Boris
机构：
[1] MIT, Alfred P Sloan Sch Management, Cambridge, MA 02142 USA
[2] Vienna Univ Econ & Business Adm, A-1090 Vienna, Austria
来源：
JOURNAL OF ECONOMIC PSYCHOLOGY | 2007年 / 28卷 / 03期
关键词：
individual risk attitude; binary lottery choices; experimental asset markets; gender differences;
D O I：
10.1016/j.joep.2007.01.006
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In this paper we relate individual risk attitude as elicited by binary lottery choices to market behavior. By analyzing 26 independent experimental markets with a total of 280 participants, we show that binary lottery choices are systematically correlated with market behavior: the higher the degree of risk aversion the lower the observed market activity. Our results also uncover gender differences in risk attitude, which moderate market behavior. We find that women are more risk averse than men, submit fewer offers, and engage less often in trades. (c) 2007 Elsevier B.V. All rights reserved.
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页码：338 / 350
页数：13
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