Higher order risk attitudes and prevention under different timings of loss

Masuda, Takehito; Lee, Eungik

Higher order risk attitudes and prevention under different timings of loss

Masuda, Takehito; Lee, Eungik

Institute of Social and Economic Research Discussion Papers, 2018, 1034, 1-29

アクセス数:262件（2025-07-21 03:20 集計）

固定URL: https://hdl.handle.net/11094/70006

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タイトル	Higher order risk attitudes and prevention under different timings of loss
著者	NRID 1000080725060 1000080725060 著者名 Masuda, Takehito
著者	著者名 Lee, Eungik
キーワード等	Higher order risk attitudes
	Prudence
	Prevention
	Timing of loss
	Probability weighting
抄録	This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an income exists in a future (the same) period. Motivated by these predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude elicitation and make a self-protection decision. In contrast to expected utility theory, the observed efforts are less than the risk neutral level, regardless of the timing of loss. This violation of expected utility predictions could be explained by probability weighting.
出版者	The Institute of Social and Economic Research, Osaka University
収録物名	Institute of Social and Economic Research Discussion Papers
巻(号)	1034
ページ	1-29
刊行年月	2018-06-25
言語	英語
ハンドルURL	https://hdl.handle.net/11094/70006
関連情報 (references)	URI https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2018/DP1034.pdf
アクセス権	metadata only access
カテゴリ	ディスカッション／ワーキング・ペーパー DP/WP
カテゴリ	Institute of Social and Economic Research Discussion Papers

資源タイプ	テクニカルレポート
ローカル資源タイプ	ディスカッション／ワーキング・ペーパー
DCMI資源タイプ	text
DCTERMS.bibliographicCitation	Institute of Social and Economic Research Discussion Papers. 2018, 1034, p. 1-29
DC.title	Higher order risk attitudes and prevention under different timings of loss
DC.creator	Masuda, Takehito
DC.creator	Lee, Eungik
DC.publisher	The Institute of Social and Economic Research, Osaka University
DC.language' scheme='DCTERMS.RFC1766	英語
DC.type' scheme='DCTERMS.DCMIType	text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2018-06-25
DC.relation' scheme='DCTERMS.URI	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2018/DP1034.pdf
DC.subject	Higher order risk attitudes
	Prudence
	Prevention
	Timing of loss
	Probability weighting
DCTERMS.abstract	This paper provides experimental evidence of the role of higher order risk attitudes—especially prudence—in prevention behavior. Prudence, under an expected utility framework, increases (decreases) self-protection effort compared to the risk neutral level when the risk of losing part of an income exists in a future (the same) period. Motivated by these predictions that give the exact test on prudence, an experiment was designed where subjects go through higher order risk attitude elicitation and make a self-protection decision. In contrast to expected utility theory, the observed efforts are less than the risk neutral level, regardless of the timing of loss. This violation of expected utility predictions could be explained by probability weighting.
DC.format	70006
citation_title	Higher order risk attitudes and prevention under different timings of loss
citation_author	Masuda, Takehito
citation_author	Lee, Eungik
citation_publisher	The Institute of Social and Economic Research, Osaka University
citation_language	英語
citation_date	2018-06-25
citation_journal_title	Institute of Social and Economic Research Discussion Papers
citation_volume	1034
citation_firstpage	1
citation_lastpage	29
citation_public_url	https://hdl.handle.net/11094/70006
citation_abstract_html_url	https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2018/DP1034.pdf

Higher order risk attitudes and prevention under different timings of loss

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