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A critical perspective on the conceptualization of risk in behavioral and experimental finance

Felix Holzmeister, Christoph Huber and Stefan Palan

No 2021-06, Working Paper Series, Social and Economic Sciences from Faculty of Social and Economic Sciences, Karl-Franzens-University Graz

Abstract: Risk is one of the key aspects in financial decision-making and therefore an integral part of the behavioral economics and finance literature. Focusing on the conceptualization of the term ``risk'', which researchers have addressed from numerous angles, this comment aims to offer a critical perspective on the interactions between risk preferences (a latent trait), risk perceptions (how individuals judge whether something is risky), and risk-taking behavior as distinct concepts, and hence to guide future research on (individual-level) decision-making processes in this direction.

Pages: 9 pages
Date: 2021-09-15
New Economics Papers: this item is included in nep-ban, nep-cbe, nep-cwa, nep-exp, nep-isf, nep-rmg and nep-upt
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https://static.uni-graz.at/fileadmin/sowi/Working_ ... ster_Huber_Palan.pdf First version, 2021 (application/pdf)

Related works:
Chapter: A critical perspective on the conceptualization of risk in behavioral and experimental finance (2022) Downloads
Working Paper: A Critical Perspective on the Conceptualization of Risk in Behavioral and Experimental Finance (2021) Downloads
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