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Correlation between risk aversion and loss aversion – Decision Science News

See on Scoop.itBounded Rationality and Beyond

LOSS AVERSION AND RISK AVERSION ARE CORRELATED (AT LEAST WITH OUR TECHNIQUE) rala A student recently emailed us asking for some data from our 2008 paper: Goldstein, Daniel G., Johnson, Eric J. & Sharpe, William F. (2008). Choosing outcomes versus choosing products: Consumer-focused retirement investment advice. Journal of Consumer Research, 35(3), 440-456. In particular, they were interested in the correlation between estimates of risk aversion and loss aversion within a person, which can be seen in the above plot (Figure 4 in the article). We thought, why not make the data open to the whole world. Here they are: Goldstein, Johnson, Sharpe (2008) Loss Aversion and Risk Aversion Data subject: An anonymous identifier indexing the unique human who submitted the data dist: participants submitted two distributions (one right after another) in Year 1. They were invited back in Year 2 to submit distributions again. There was some dropout. This column tells you which distribution you are looking at. riskAversion: this is the coefficient of relative risk aversion, commonly referred to as alpha lossAversion: this is the coefficient of loss aversion, commonly referred to as lambda

See on decisionsciencenews.com



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