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Preferences over social risk
Department of Risk Management and Insurance, Robinson School of Business, Georgia State University, Center for the Economic Analysis of Risk, United States.
Department of Accounting and Finance, Durham University, Durham, United Kingdom.
Dean's Behavioral Economics Laboratory, Robinson School of Business, and Department of Economics, Andrew Young School of Policy Studies, Georgia State University, United States.ORCID iD: 0000-0001-8616-3318
Faculty of Social Sciences, University of East Anglia, and Oxford Policy Management, United Kingdom.
2013 (English)In: Oxford Economic Papers, ISSN 0030-7653, E-ISSN 1464-3812, Vol. 65, no 1, p. 25-46, article id gps021Article in journal (Refereed) Published
Abstract [en]

We elicit individual preferences over social risk. We identify the extent to which these preferences are correlated with preferences over individual risk and the well-being of others. We examine these preferences in the context of laboratory experiments over small, anonymous groups, although the methodological issues extend to larger groups that form endogenously (e.g., families, committees, communities). Preferences over social risk can be closely approximated by individual risk attitudes when subjects have no information about the risk preferences of other group members. We find no evidence that subjects systematically reveal different risk attitudes in a social setting with no prior knowledge about the risk preferences of others compared to when they solely bear the consequences of the decision. However, we also find that subjects are significantly more risk averse when they know the risk preferences of other group members.

Place, publisher, year, edition, pages
Oxford University Press, 2013. Vol. 65, no 1, p. 25-46, article id gps021
National Category
Economics and Business
Identifiers
URN: urn:nbn:se:oru:diva-68850DOI: 10.1093/oep/gps021ISI: 000312645000003Scopus ID: 2-s2.0-84871305464OAI: oai:DiVA.org:oru-68850DiVA, id: diva2:1247334
Available from: 2018-09-11 Created: 2018-09-11 Last updated: 2018-09-12Bibliographically approved

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Rutström, Elisabet

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CiteExportLink to record
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Citation style
  • apa
  • harvard1
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  • vancouver
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More styles
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  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf