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Reflection Effect Under Different Risk Attitudes

Vladimír Gazda (), Matus Kubak (), Marek Gróf (), Karolína Barinková () and Michaela Žecová ()
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Marek Gróf: Faculty of Economics Technical University of Košice Slovakia
Karolína Barinková: Faculty of Arts Pavol Jozef Šafárik University of Košice Slovakia
Michaela Žecová: Faculty of Economics Technical University of Košice Slovakia

Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), 2011, vol. 58, 375-386

Abstract: „Reflection effect“ means, that people are risk averse if dealing with profits and risk seeking by challenging losses (Kahneman and Tversky, 1979). The aim of the paper is to find out whether the decisions of the experiment participants differ when dealing with positive and negative prospects by choosing a preferred lottery. Standardized scale (DOSPERT) evaluating the participant willingness to take risk in different domains of life is also considered. An econometric model for predictions of the paired lottery game results depending on the risk characteristics identified within DOSPERT is estimated in the paper.

Keywords: reflection effect; experiment; lottery; risk; DOSPERT (Domain-Specific Risk- Taking) scale (search for similar items in EconPapers)
JEL-codes: C91 D81 Z1 (search for similar items in EconPapers)
Date: 2011
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