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Risk Attitudes of Children and Adults: Choices Over Small and Large Probability Gains and Losses
Abstract
In this paper we examine how risk attitudes change with age. We present participants from age 5 to 64 with choices between simple gambles and the expected value of the gambles. The gambles are over both gains and losses, and vary in the probability of the non-zero payoff. Surprisingly, we find that many participants are risk seeking when faced with high-probability prospects over gains and risk averse when faced with small-probability prospects. Over losses we find the exact opposite. Children's choices are consistent with the underweighting of low-probability events and the overweighting of high-probability ones. This tendency diminishes with age, and on average adults appear to use the objective probability when evaluating risky prospects.
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Cites
Advances in prospect theory: Cumulative representation of uncertainty
Tversky, A., & Kahneman, D. (1992) · Journal of Risk and Uncertainty · doi:10.1007/bf00122574 · Cited by 15,467
Cited by
Gender Differences in Preferences
Croson, R., & Gneezy, U. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.448 · Cited by 5,694
Harrison, G. W., & List, J. A. (2004) · Journal of Economic Literature · doi:10.1257/0022051043004577 · Cited by 2,099
The Economics and Psychology of Personality Traits
Borghans, L., Duckworth, A. L., Heckman, J. J., & ter Weel, B. (2008) · Journal of Human Resources · doi:10.1353/jhr.2008.0017 · Cited by 1,049
The economics and psychology of personality traits
L., B., A.L., D., J., H., & B.J., T. W. (2008) · Research Publications (Maastricht University) · doi:10.26481/umaror.2008001 · Cited by 960
Chapter 113 Men, Women and Risk Aversion: Experimental Evidence
Eckel, C. C., & Grossman, P. J. (2008) · Handbook of Experimental Economics Results · doi:10.1016/s1574-0722(07)00113-8 · Cited by 924
Metadata
- Authors
- Harbaugh, W. T., Krause, K., & Vesterlund, L.
- Venue
- Experimental Economics
- Publisher
- Cambridge University Press (CUP)
- Published
- 2002-06
- Volume
- 5
- Issue
- 1
- Pages
- 53-84
- ISSN
- 1386-4157 (ISSN-L)
- 1573-6938
- OpenAlex
- W2140135630
- Cited by
- 344
- References
- 1
- FWCI
- 4.25
- Type
- journal article
- Language
- en
- Open access
- closed
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- Harbaugh, W. T., Krause, K., & Vesterlund, L. (2002). Risk Attitudes of Children and Adults: Choices Over Small and Large Probability Gains and Losses. Experimental Economics. https://doi.org/10.1023/a%3A1016316725855
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
