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The effect of fast ...
The effect of fast and slow decisions on risk taking
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- Kirchler, Michael, 1977 (författare)
- Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Centrum för finans,Department of Economics,Centre for Finance,University of Innsbruck (AT),University of Innsbruck, Austria; University of Gothenburg, Sweden
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- Andersson, David (författare)
- Linköpings universitet,Nationalekonomi,Filosofiska fakulteten
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- Bonn, C. (författare)
- University of Innsbruck (AT),University of Innsbruck, Austria
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- Johannesson, Magnus (författare)
- Linköpings universitet,Stockholm School of Economics,Handelshögskolan i Stockholm,Nationalekonomi,Filosofiska fakulteten,Stockholm School Econ, Sweden
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- Sorensen, E. O. (författare)
- NHH Norwegian School Econ, Norway
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- Stefan, M. (författare)
- University of Innsbruck (AT),University of Innsbruck, Austria
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- Tinghög, Gustav (författare)
- Linköpings universitet,Nationalekonomi,Filosofiska fakulteten
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- Västfjäll, Daniel (författare)
- Linköpings universitet,Psykologi,Filosofiska fakulteten,Decis Research, OR 97401 USA
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- Sørensen, Erik Ø. (författare)
- Norwegian School of Economics and Business Administration (NO)
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(creator_code:org_t)
- 2017-06-07
- 2017
- Engelska.
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Ingår i: Journal of Risk and Uncertainty. - : Springer Science and Business Media LLC. - 0895-5646 .- 1573-0476. ; 54:1, s. 37-59
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Abstract
Ämnesord
Stäng
- We experimentally compare fast and slow decisions in a series of experiments on financial risk taking in three countries involving over 1700 subjects. To manipulate fast and slow decisions, subjects were randomly allocated to responding within 7 seconds (time pressure) or waiting for at least 7 or 20 seconds (time delay) before responding. To control for different effects of time pressure and time delay on measurement noise, we estimate separate parameters for noise and risk preferences within a random utility framework. We find that time pressure increases risk aversion for gains and risk taking for losses compared to time delay, implying that time pressure increases the reflection effect of Prospect Theory. The results for gains are weaker and less robust than the results for losses. We find no significant difference between time pressure and time delay for loss aversion (tested in only one of the experiments). Time delay also leads to less measurement noise than time pressure and unconstrained decisions, and appears to be an effective way of decreasing noise in experiments.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business (hsv//eng)
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- Prospect Theory
- Experimental economics
- Time pressure
- Measurement noise
- Prospect Theory; Experimental economics; Time pressure; Measurement noise
Publikations- och innehållstyp
- ref (ämneskategori)
- art (ämneskategori)
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