An investigation into risk propensity in bull and bear markets

John Garvey

Journal of Risk Research, 2010, vol. 13, issue 6, 789-804

Abstract: This paper addresses the primary contribution of prospect theory against the landscape of an individual's self-attributed risk propensity. Risk propensity is captured using the IPI psychometric questionnaire for a sample of 521 participants. Participants are also presented with probability-based decisions, that are framed as both negative and positive prospects. Results show that personality constructs, specifically risk-taking, become a consistent and emerging factor in decision-making within the positive domain. In the negative domain, personality constructs associated with risk become more muted and are less likely to be a factor in decision-making.

Date: 2010
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DOI: 10.1080/13669870903560283

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