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Michael Razen (), Michael Kirchler () and Utz Weitzel

Working Papers from Faculty of Economics and Statistics, University of Innsbruck

Abstract: Risk-assessment and risk-taking in various forms are among the most important tasks financial professionals face in their daily work. A large body of experimental studies has shown a substantial effect of the decision domain (gain vs loss domain) on risk-taking, predominantly among students. In a series of experiments set in different contextual frameworks, we investigate whether this domain effect is also present among experienced finance professionals and compare their decisions with people from the general population. Our results show that employees in the finance industry are equally prone to the domain effect in risk-taking than the general population. Interestingly, for domain-specific risk-taking in a finance conntext, we find that professionals are more reluctant to sell loser stocks than non-professionals.

Keywords: Health care financing; prepaid health care financing systems; out-of-pocket payments; panel data analysis (search for similar items in EconPapers)
JEL-codes: C91 C93 D81 G41 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2019-12
New Economics Papers: this item is included in nep-exp
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