Attraction to Chance in Germany and Australia. An experimental study of cultural differences

Eike Kroll and Bodo Vogt
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Bodo Vogt: Faculty of Economics and Management, Otto-von-Guericke University Magdeburg

No 8006, FEMM Working Papers from Otto-von-Guericke University Magdeburg, Faculty of Economics and Management

Abstract: This paper explores cultural differences in risky choices between Australian and German students. The focus is not on risk itself, but on tension which is a positive attribute of risky choices. Furthermore, the effects of real versus hypothetical payoffs are analysed. The experiment of this paper shows that in a given set of tension creating choices, Australians do choose tension more often than Germans, while Germans prefer higher tension. Additionally it is shown that real payoffs do make a difference in the data, but the real payoff even increases the effect.

Pages: 16 pages
Date: 2008-03
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