Publication: Risk and Rationality: Uncovering Heterogeneity in Probability Distortion
Risk and Rationality: Uncovering Heterogeneity in Probability Distortion
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Bruhin, A., Fehr-Duda, H., & Epper, T. (2009). Risk and Rationality: Uncovering Heterogeneity in Probability Distortion (No. 414; Working Paper Series / Institute for Empirical Research in Economics).
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It has long been recognized that there is considerable heterogeneity in individual risk taking behavior but little is known about the distributionnof risk taking types. We present a parsimonious characterization of risk taking behavior by estimating a finite mixture regression model for three different experimental data sets, two Swiss and one Chinese, over a large number of real gains and losses. We find two distinct types of individuals: In all three data sets, the choices of roughly 80% of the subjects exhibitnsignificant deviation
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Bruhin, A., Fehr-Duda, H., & Epper, T. (2009). Risk and Rationality: Uncovering Heterogeneity in Probability Distortion (No. 414; Working Paper Series / Institute for Empirical Research in Economics).
