Risk Preferences Around the World

Marc Oliver Rieger (), Mei Wang () and Thorsten Hens ()
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Marc Oliver Rieger: University of Trier, 54286 Trier, Germany
Mei Wang: WHU–Otto Beisheim School of Management, 56179 Vallendar, Germany
Thorsten Hens: Department of Banking and Finance and Swiss Finance Institute, University of Zurich, CH-8032 Zurich, Switzerland; and Norwegian School of Economics, NO-5045 Bergen, Norway

Management Science, 2015, vol. 61, issue 3, 637-648

Abstract: We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk seeking in losses. The degree of risk aversion shows significant cross-country differences. Moreover, risk attitudes in our sample depend not only on economic conditions but also on cultural factors, as measured by the Hofstede dimensions individualism and uncertainty avoidance. The data may also serve as an interesting starting point for further research on cultural differences in behavioral economics.Data, as supplemental material, are available at http://dx.doi.org/10.1287/mnsc.2013.1869 . This paper was accepted by Peter Wakker, decision analysis .

Keywords: risk preferences; cross-cultural comparison; prospect theory (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (77)

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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:61:y:2015:i:3:p:637-648

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