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Risk preferences around the world


Rieger, Marc Oliver; Wang, Mei; Hens, Thorsten (2015). Risk preferences around the world. Management Science, 61(3):637-648.

Abstract

We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk seeking in losses. The degree of risk aversion shows significant cross-country differences. Moreover, risk attitudes in our sample depend not only on economic conditions but also on cultural factors, as measured by the Hofstede dimensions individualism and uncertainty avoidance. The data may also serve as an interesting starting point for further research on cultural differences in behavioral economics.

Abstract

We present results from a large-scale international survey on risk preferences conducted in 53 countries. In all countries, we find, on average, an attitude of risk aversion in gains and of risk seeking in losses. The degree of risk aversion shows significant cross-country differences. Moreover, risk attitudes in our sample depend not only on economic conditions but also on cultural factors, as measured by the Hofstede dimensions individualism and uncertainty avoidance. The data may also serve as an interesting starting point for further research on cultural differences in behavioral economics.

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19 citations in Scopus®
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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Date:2015
Deposited On:18 Jan 2016 13:34
Last Modified:08 Dec 2017 17:25
Publisher:Institute for Operations Research and the Management Sciences (I N F O R M S)
ISSN:1526-5501
Publisher DOI:https://doi.org/10.1287/mnsc.2013.1869
Related URLs:http://pubsonline.informs.org/doi/abs/10.1287/mnsc.2013.1869 (Publisher)
Other Identification Number:merlin-id:9640

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