Evaluating lotteries, risks, and risk mitigation programs : a comparison of China and the United States


Wang, Mei ; Fischbeck, Paul


[img]
Preview
PDF
dp04_13.pdf - Published

Download (805kB)

URL: http://ub-madoc.bib.uni-mannheim.de/2731
URN: urn:nbn:de:bsz:180-madoc-27316
Document Type: Working paper
Year of publication: 2004
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 300 Social sciences, sociology, anthropology
Subject headings (SWD): China , USA , Risikoverhalten , Prospect-Theorie , Vergleich , Entscheidung bei Risiko , Multikulturelle Gesellschaft
Abstract: Two experiments were designed to explore the existence of systematic differences in risk perceptions and risk attitudes between Chinese and U.S. participants. The first experiment involved ranking monetary lotteries using measures of perceived riskiness and WTP. Several simple heuristics were evaluated to predict perceived riskiness and WTP. Using WTP responses, cumulative prospect theory functions were determined for participants from both countries. Compared to their U.S. counterparts, Chinese participants are found to be less risk averse and to have higher within group agreement for each task. The second experiment involved ranking real-world risks and associated risk-mitigation programs using measures of concern and preference, respectively. Conjoint analysis reveals additional cultural differences in the perception and evaluation of multi-attribute risks and risk-mitigation programs. The cross-cultural versus cross-task variation are discussed.
Additional information:

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




+ Citation Example and Export

Wang, Mei ; Fischbeck, Paul (2004) Evaluating lotteries, risks, and risk mitigation programs : a comparison of China and the United States. Open Access [Working paper]
[img]
Preview


+ Search Authors in

+ Download Statistics

Downloads per month over past year

View more statistics



You have found an error? Please let us know about your desired correction here: E-Mail


Actions (login required)

Show item Show item