title: Does good advice come cheap? - On the assessment of risk preferences in the lab and the field
creator: Leuermann, Andrea
creator: Roth, Benjamin
subject: 330
subject: 330 Economics
description: Advice is important for decision making, especially in the  financial sector. We investigate how individuals assess risk preferences of others given sociodemographic information or pictures. Both non-professionals and fi nancial professionals participate in this artefactual  field experiment. Subjects mainly rely on the other's self-assessment of risk preferences and on gender when forming the belief about someone else's risk preferences. On average, subjects consider themselves to be more risk-tolerant than the person they evaluate. Subjects use their own risk attitude as a reference point for predicting others' risk preferences. This false consensus eff ect is less pronounced for young professionals than for senior and non-professionals. Furthermore, financial professionals predict risk preferences more accurately compared to non-professionals.
date: 2012
type: Working paper
type: info:eu-repo/semantics/workingPaper
type: NonPeerReviewed
format: application/pdf
identifier: https://archiv.ub.uni-heidelberg.de/volltextserverhttps://archiv.ub.uni-heidelberg.de/volltextserver/13631/1/Leuermann_Roth_2012_dp534.pdf
identifier: DOI:10.11588/heidok.00013631
identifier: urn:nbn:de:bsz:16-opus-136310
identifier:   Leuermann, Andrea ; Roth, Benjamin  (2012) Does good advice come cheap? - On the assessment of risk preferences in the lab and the field.  [Working paper]     
relation: https://archiv.ub.uni-heidelberg.de/volltextserver/13631/
rights: info:eu-repo/semantics/openAccess
rights: http://archiv.ub.uni-heidelberg.de/volltextserver/help/license_urhg.html
language: eng