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Contribution Details

Type Journal Article
Scope Discipline-based scholarship
Title Estimating cumulative prospect theory parameters from an international survey
Organization Unit
  • Marc Oliver Rieger
  • Mei Wang
  • Thorsten Hens
Item Subtype Original Work
Refereed Yes
Status Published in final form
  • English
Journal Title Theory and Decision
Publisher Springer
Geographical Reach international
ISSN 0040-5833
Volume 82
Number 4
Page Range 567 - 596
Date 2017
Abstract Text We conduct a standardized survey on risk preferences in 53 countries worldwide and estimate cumulative prospect theory parameters from the data. The parameter estimates show that significant differences on the cross-country level are to some extent robust and related to economic and cultural differences. In particular, a closer look on probability weighting underlines gender differences, economic effects, and cultural impact on probability weighting. The data set is a useful starting point for future research that investigates the impact of risk preferences on the market level.
Related URLs
Digital Object Identifier 10.1007/s11238-016-9582-8
Other Identification Number merlin-id:14097
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