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A Critical Perspective on the Conceptualization of Risk in Behavioral and Experimental Finance

Felix Holzmeister (), Christop Huber () and Stefan Palan ()

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

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.

Keywords: risk-taking behavior; risk preferences; risk perception (search for similar items in EconPapers)
JEL-codes: D81 D91 G41 (search for similar items in EconPapers)
Pages: 13
Date: 2021-11
New Economics Papers: this item is included in nep-cbe
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Persistent link: https://EconPapers.repec.org/RePEc:inn:wpaper:2021-11

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