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Stereotypes and Risk Attitudes: Evidence from the Lab and the Field

Leuermann, Andrea ; Roth, Benjamin

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Abstract

Recent studies have found correlations between risk attitudes and several sociodemographic characteristics. In this paper, we deploy an artefactual fi eld experiment and study whether subjects - non-professionals and financial professionals - are aware of these correlations. This is largely confi rmed by our results for all subject groups. We show that the subjects attach informational value to sociodemographic information when assessing others' risk attitudes. This provides external validity to the correlations found between risk preferences and sociodemographics. A person's self-assessment of risk attitudes is the most helpful device for the subjects' assessments of others, although experienced professionals make use of it to a minor extent than all other subjects.

Document type: Working paper
Date Deposited: 03 Aug 2012 14:15
Date: 2012
Faculties / Institutes: The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics
DDC-classification: 330 Economics
Uncontrolled Keywords: Risk Preferences , Financial Advice , Artefactual Field Experiment , Behavioral Finance
Series: Discussion Paper Series / University of Heidelberg, Department of Economics
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