Risk aversion, prudence and temperance: An experiment in gain and loss

Marielle Brunette () and Julien Jacob ()
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Marielle Brunette: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, CEC - Chaire Economie du Climat - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres
Julien Jacob: UL - Université de Lorraine

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Abstract: We characterize the individual's attitude towards risk, prudence and temperance in the gain and loss domains. We analyze the links between the three features of preferences for a given domain and between domains for each feature of preferences. Consequently, the reflection effect, the mixed risk aversion and the risk apportionment, are key concepts of our study. We also display some determinants for risk aversion, prudence and temperance in each domain. To do this, we conducted a lab experiment with students eliciting risk aversion, prudence and temperance in the two domains, and collected information about each subject's characteristics.

Keywords: Risk aversion; Prudence; Temperance; Experiment; Correlations; Determinant (search for similar items in EconPapers)
Date: 2019-06
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Citations: View citations in EconPapers (6)

Published in Research in Economics, 2019, 73 (2), pp.174-189. ⟨10.1016/j.rie.2019.04.004⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04174312

DOI: 10.1016/j.rie.2019.04.004

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