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Just Who Are You Calling Risk Averse?

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Abstract

This paper estimates individual risk preferences based upon data that are generated by the same individuals acting in different institutions. The results show that the (estimated) numerical values of individuals' implied risk parameters are not stable within individuals across institutions. Furthermore, the ranking across subjects of the numerical values of individuals' implied risk parameters is not preserved across institutions.

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Authors and Affiliations

  1. Department of Economics, University of Arizona, USA

    R. Mark Isaac

  2. Department of Economics, Fordham University, USA

    Duncan James

Authors
  1. R. Mark Isaac
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  2. Duncan James
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Isaac, R.M., James, D. Just Who Are You Calling Risk Averse?. Journal of Risk and Uncertainty 20, 177–187 (2000). https://doi.org/10.1023/A:1007881008177

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  • DOI: https://doi.org/10.1023/A:1007881008177

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